Cabaletta Bio (NASDAQ:CABA) Stock Price Up 7.8% – Still a Buy?

Cabaletta Bio, Inc. (NASDAQ:CABA)’s stock price rose 7.8% during mid-day trading on Thursday . The stock traded as high as $3.28 and last traded at $3.2220. Approximately 3,384,207 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 3,681,072 shares. The stock had previously closed at $2.99.

Analysts Set New Price Targets

Several research firms recently weighed in on CABA. Weiss Ratings reissued a “sell (d-)” rating on shares of Cabaletta Bio in a research report on Monday, April 20th. Wells Fargo & Company raised their target price on Cabaletta Bio from $2.00 to $4.00 and gave the company an “equal weight” rating in a report on Friday, May 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Cabaletta Bio in a research report on Wednesday, June 3rd. Guggenheim upped their price target on Cabaletta Bio from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Finally, Morgan Stanley reduced their price objective on Cabaletta Bio from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Tuesday, March 24th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Cabaletta Bio presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.50.

Cabaletta Bio Stock Performance

The firm’s 50-day simple moving average is $3.31 and its 200-day simple moving average is $2.94. The company has a market capitalization of $509.53 million, a price-to-earnings ratio of -1.60 and a beta of 3.26.

Cabaletta Bio (NASDAQ:CABA) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.02. Equities research analysts forecast that Cabaletta Bio, Inc. will post -1.38 earnings per share for the current year.

Hedge Funds Weigh In On Cabaletta Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC bought a new stake in shares of Cabaletta Bio in the 1st quarter worth approximately $32,000. SummitTX Capital L.P. bought a new stake in shares of Cabaletta Bio during the first quarter valued at approximately $34,000. China Universal Asset Management Co. Ltd. bought a new stake in shares of Cabaletta Bio during the fourth quarter valued at approximately $34,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Cabaletta Bio in the fourth quarter valued at $38,000. Finally, Private Advisor Group LLC raised its stake in shares of Cabaletta Bio by 22.4% in the first quarter. Private Advisor Group LLC now owns 18,025 shares of the company’s stock valued at $48,000 after purchasing an additional 3,300 shares in the last quarter.

Cabaletta Bio Company Profile

Cabaletta Bio is a clinical-stage biotechnology company pioneering chimeric autoantibody receptor T cell (CAAR-T) therapies for B cell–mediated autoimmune diseases. Its proprietary platform engineers patient-derived T cells to selectively target and eliminate pathogenic B cells that produce disease-driving autoantibodies, with the aim of preserving overall immune function and reducing off-target toxicity.

The company’s lead candidate, DSG3-CAART, is being evaluated in pemphigus vulgaris, a rare blistering disorder caused by autoantibodies against desmoglein 3.