Cabaletta Bio (NASDAQ:CABA) Downgraded by Wells Fargo & Company to Equal Weight

Cabaletta Bio (NASDAQ:CABA) was downgraded by equities researchers at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a note issued to investors on Thursday,Finviz reports. They currently have a $6.00 target price on the stock, down from their previous target price of $12.00. Wells Fargo & Company‘s target price indicates a potential upside of 162.01% from the stock’s previous close.

Other analysts have also issued reports about the stock. UBS Group assumed coverage on shares of Cabaletta Bio in a report on Thursday, October 10th. They issued a “buy” rating and a $10.00 price objective on the stock. HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of Cabaletta Bio in a research note on Friday, November 15th. William Blair reaffirmed an “outperform” rating on shares of Cabaletta Bio in a research report on Monday, November 18th. Finally, TD Cowen upgraded shares of Cabaletta Bio to a “strong-buy” rating in a report on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $25.50.

Cabaletta Bio Stock Down 16.7 %

NASDAQ:CABA opened at $2.29 on Thursday. Cabaletta Bio has a 52 week low of $1.76 and a 52 week high of $26.35. The stock’s fifty day moving average is $3.57 and its two-hundred day moving average is $5.48. The company has a market capitalization of $111.93 million, a P/E ratio of -1.07 and a beta of 2.37.

Institutional Trading of Cabaletta Bio

Several hedge funds have recently modified their holdings of CABA. China Universal Asset Management Co. Ltd. raised its holdings in Cabaletta Bio by 65.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 9,395 shares of the company’s stock valued at $44,000 after acquiring an additional 3,724 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Cabaletta Bio by 8.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 56,424 shares of the company’s stock valued at $422,000 after purchasing an additional 4,191 shares during the last quarter. AlphaCentric Advisors LLC raised its holdings in shares of Cabaletta Bio by 7.7% in the 2nd quarter. AlphaCentric Advisors LLC now owns 70,000 shares of the company’s stock valued at $524,000 after purchasing an additional 5,000 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cabaletta Bio during the 3rd quarter worth $32,000. Finally, Point72 DIFC Ltd acquired a new position in shares of Cabaletta Bio during the third quarter worth $33,000.

Cabaletta Bio Company Profile

Cabaletta Bio, Inc, a clinical-stage biotechnology company, focuses on the discovery and development of engineered T cell therapies for patients with B cell-mediated autoimmune diseases. The company's lead product candidate is CABA-201, a fully human anti-CD19 binder for the treatment of Phase 1/2 clinical trials in dermatomyositis, anti-synthetase syndrome, immune-mediated necrotizing myopathy, lupus nephritis, non-renal systemic lupus erythematosus, systemic sclerosis, and generalized myasthenia gravis.