Cabaletta Bio (NASDAQ:CABA) Stock Price Up 9% – Here’s Why

Cabaletta Bio, Inc. (NASDAQ:CABA)’s share price traded up 9% on Monday . The company traded as high as $2.97 and last traded at $2.9750. Approximately 2,175,533 shares were traded during trading, a decline of 44% from the average session volume of 3,899,294 shares. The stock had previously closed at $2.73.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CABA shares. Jefferies Financial Group reissued a “buy” rating on shares of Cabaletta Bio in a research report on Wednesday, June 3rd. HC Wainwright reiterated a “buy” rating and set a $16.00 target price on shares of Cabaletta Bio in a report on Tuesday, September 1st. TD Cowen raised Cabaletta Bio to a “strong-buy” rating in a research report on Monday, August 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cabaletta Bio in a research report on Friday, July 17th. Finally, Wells Fargo & Company dropped their price objective on shares of Cabaletta Bio from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.33.

Cabaletta Bio Trading Down 10.7%

The business’s 50-day simple moving average is $2.93 and its two-hundred day simple moving average is $3.11. The company has a market capitalization of $440.80 million, a PE ratio of -1.66 and a beta of 3.27.

Cabaletta Bio (NASDAQ:CABA) last announced its earnings results on Thursday, August 13th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.03. On average, analysts forecast that Cabaletta Bio, Inc. will post -1.34 EPS for the current year.

Hedge Funds Weigh In On Cabaletta Bio

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Cabaletta Bio during the second quarter worth approximately $33,447,000. Jennison Associates LLC raised its holdings in Cabaletta Bio by 0.7% in the first quarter. Jennison Associates LLC now owns 8,970,578 shares of the company’s stock valued at $24,131,000 after acquiring an additional 64,879 shares in the last quarter. Opaleye Management Inc. raised its holdings in Cabaletta Bio by 180.0% in the second quarter. Opaleye Management Inc. now owns 3,863,800 shares of the company’s stock valued at $12,016,000 after acquiring an additional 2,483,800 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Cabaletta Bio by 33.8% during the 1st quarter. Renaissance Technologies LLC now owns 2,036,663 shares of the company’s stock valued at $5,479,000 after acquiring an additional 514,080 shares during the last quarter. Finally, Stonepine Capital Management LLC bought a new position in Cabaletta Bio during the 2nd quarter valued at $2,852,181.

Cabaletta Bio Company Profile

Cabaletta Bio, Inc is a clinical-stage biotechnology company focused on developing engineered T-cell therapies for patients with autoimmune diseases. The company’s approach is designed to selectively target and eliminate disease-causing immune cells or restore immune tolerance, with the goal of achieving durable disease control.

Cabaletta’s lead investigational program is CABA-201, a fully human anti-CD19 chimeric antigen receptor T-cell therapy being evaluated in autoimmune conditions, including systemic lupus erythematosus and other B-cell-mediated diseases.