Cabaletta Bio (NASDAQ:CABA) Stock Price Down 8.7%

Cabaletta Bio, Inc. (NASDAQ:CABA)’s share price traded down 8.7% on Thursday . The company traded as low as $11.77 and last traded at $11.83. 215,297 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 931,581 shares. The stock had previously closed at $12.96.

Analyst Ratings Changes

A number of research analysts have recently commented on CABA shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $50.00 price target on shares of Cabaletta Bio in a report on Friday, April 5th. Citigroup lifted their target price on Cabaletta Bio from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Wells Fargo & Company increased their price objective on shares of Cabaletta Bio from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, March 22nd. Jefferies Financial Group started coverage on Cabaletta Bio in a research note on Monday, February 5th. They issued a “buy” rating and a $36.00 price target on the stock. Finally, HC Wainwright lifted their target price on shares of Cabaletta Bio from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Cabaletta Bio has a consensus rating of “Buy” and an average target price of $34.33.

Cabaletta Bio Stock Performance

The company has a fifty day moving average price of $18.96 and a two-hundred day moving average price of $18.92. The company has a market cap of $587.56 million, a P/E ratio of -7.28 and a beta of 2.41.

Cabaletta Bio (NASDAQ:CABA) last released its earnings results on Thursday, March 21st. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.07). Research analysts anticipate that Cabaletta Bio, Inc. will post -1.82 EPS for the current year.

Institutional Investors Weigh In On Cabaletta Bio

A number of large investors have recently modified their holdings of the business. Perceptive Advisors LLC lifted its position in shares of Cabaletta Bio by 76.9% during the 4th quarter. Perceptive Advisors LLC now owns 2,003,058 shares of the company’s stock worth $45,469,000 after buying an additional 870,567 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Cabaletta Bio by 14.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,968,108 shares of the company’s stock valued at $29,955,000 after purchasing an additional 246,596 shares in the last quarter. Redmile Group LLC grew its holdings in shares of Cabaletta Bio by 29.5% during the 3rd quarter. Redmile Group LLC now owns 1,774,252 shares of the company’s stock valued at $27,004,000 after purchasing an additional 403,953 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Cabaletta Bio by 14.4% during the 4th quarter. Jennison Associates LLC now owns 1,626,628 shares of the company’s stock valued at $36,924,000 after purchasing an additional 204,261 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Cabaletta Bio by 119.0% during the 4th quarter. Wellington Management Group LLP now owns 539,876 shares of the company’s stock worth $12,255,000 after purchasing an additional 293,306 shares in the last quarter.

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.