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

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and set a $50.00 price target on shares of Cabaletta Bio in a research report on Friday, April 5th. Citigroup lifted their price objective 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 lifted their price objective on Cabaletta Bio from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Friday, March 22nd. Jefferies Financial Group assumed coverage on Cabaletta Bio in a research report on Monday, February 5th. They issued a “buy” rating and a $36.00 price objective on the stock. Finally, HC Wainwright lifted their price objective on Cabaletta Bio from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cabaletta Bio has an average rating of “Buy” and a consensus target price of $34.33.

Cabaletta Bio Price Performance

The company has a market capitalization of $515.38 million, a PE ratio of -6.67 and a beta of 2.41. The company has a 50 day moving average of $18.48 and a two-hundred day moving average of $18.83.

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

Institutional Investors Weigh In On Cabaletta Bio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CABA. Macroview Investment Management LLC bought a new stake in Cabaletta Bio in the fourth quarter worth $26,000. Tower Research Capital LLC TRC boosted its holdings in Cabaletta Bio by 65.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,623 shares of the company’s stock worth $60,000 after acquiring an additional 1,042 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Cabaletta Bio in the third quarter worth $63,000. Amalgamated Bank boosted its holdings in Cabaletta Bio by 24.7% in the third quarter. Amalgamated Bank now owns 4,648 shares of the company’s stock worth $71,000 after acquiring an additional 922 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. bought a new stake in Cabaletta Bio in the fourth quarter worth $113,000.

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.