Sofinnova Investments Inc. Boosts Position in Cabaletta Bio, Inc. (NASDAQ:CABA)

Sofinnova Investments Inc. raised its position in Cabaletta Bio, Inc. (NASDAQ:CABA) by 184.0% during the second quarter, Holdings Channel reports. The fund owned 1,220,400 shares of the company’s stock after acquiring an additional 790,654 shares during the period. Sofinnova Investments Inc.’s holdings in Cabaletta Bio were worth $9,129,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. China Universal Asset Management Co. Ltd. lifted its stake in shares of Cabaletta Bio by 65.4% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 8,206 shares of the company’s stock worth $140,000 after purchasing an additional 3,244 shares during the period. EntryPoint Capital LLC bought a new position in Cabaletta Bio in the first quarter worth approximately $147,000. Bayesian Capital Management LP purchased a new position in shares of Cabaletta Bio during the 1st quarter worth $191,000. Birchview Capital LP purchased a new position in shares of Cabaletta Bio during the 4th quarter worth $227,000. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in shares of Cabaletta Bio during the 1st quarter valued at $305,000.

Analyst Upgrades and Downgrades

CABA has been the topic of a number of recent research reports. Evercore ISI decreased their target price on Cabaletta Bio from $25.00 to $15.00 and set an “outperform” rating on the stock in a report on Monday, August 12th. Wells Fargo & Company decreased their price objective on Cabaletta Bio from $35.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday, August 12th. Stifel Nicolaus reiterated a “buy” rating and set a $32.00 price objective on shares of Cabaletta Bio in a research note on Monday, June 17th. Cantor Fitzgerald restated an “overweight” rating and set a $50.00 target price on shares of Cabaletta Bio in a research note on Friday, June 21st. Finally, HC Wainwright dropped their price target on shares of Cabaletta Bio from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, Cabaletta Bio presently has a consensus rating of “Buy” and an average target price of $30.11.

Cabaletta Bio Price Performance

Shares of CABA opened at $3.94 on Tuesday. The firm has a market cap of $190.21 million, a P/E ratio of -2.30 and a beta of 2.40. Cabaletta Bio, Inc. has a 1 year low of $3.47 and a 1 year high of $26.35. The company has a 50 day simple moving average of $5.90 and a two-hundred day simple moving average of $10.84.

Cabaletta Bio (NASDAQ:CABA) last posted its earnings results on Thursday, August 8th. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.01). On average, sell-side analysts anticipate that Cabaletta Bio, Inc. will post -2.21 earnings per share for the current year.

About Cabaletta Bio

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.