Cabaletta Bio (NASDAQ:CABA) Trading 10.3% Higher – Should You Buy?

Shares of Cabaletta Bio, Inc. (NASDAQ:CABA) were up 10.3% during mid-day trading on Wednesday . The company traded as high as $3.09 and last traded at $3.21. Approximately 1,342,561 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 3,731,450 shares. The stock had previously closed at $2.91.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Jefferies Financial Group reissued a “buy” rating on shares of Cabaletta Bio in a research report on Wednesday, June 3rd. Wall Street Zen cut Cabaletta Bio from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cabaletta Bio in a research note on Friday, July 17th. Wells Fargo & Company decreased their target price on Cabaletta Bio from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 14th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Cabaletta Bio in a research note on Monday, May 4th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.33.

Cabaletta Bio Stock Performance

The firm has a market cap of $540.85 million, a P/E ratio of -2.03 and a beta of 3.30. The firm’s fifty day moving average is $2.88 and its 200 day moving average is $3.07.

Cabaletta Bio (NASDAQ:CABA) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.03. As a group, equities research analysts forecast that Cabaletta Bio, Inc. will post -1.34 EPS for the current year.

Hedge Funds Weigh In On Cabaletta Bio

A number of large investors have recently made changes to their positions in the company. Invesco Ltd. boosted its stake in Cabaletta Bio by 357.1% in the 1st quarter. Invesco Ltd. now owns 61,675 shares of the company’s stock valued at $85,000 after purchasing an additional 48,181 shares during the period. Comerica Bank increased its position in Cabaletta Bio by 2,292.1% during the 1st quarter. Comerica Bank now owns 41,599 shares of the company’s stock worth $58,000 after buying an additional 39,860 shares during the period. AQR Capital Management LLC bought a new position in Cabaletta Bio during the 1st quarter worth $102,000. XTX Topco Ltd acquired a new stake in shares of Cabaletta Bio during the second quarter worth $148,000. Finally, Marshall Wace LLP lifted its holdings in shares of Cabaletta Bio by 470.7% during the second quarter. Marshall Wace LLP now owns 190,957 shares of the company’s stock worth $290,000 after buying an additional 157,497 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.