Cabaletta Bio, Inc. (NASDAQ:CABA) Sees Large Increase in Short Interest

Cabaletta Bio, Inc. (NASDAQ:CABA) was the recipient of a significant increase in short interest in December. As of December 15th, there was short interest totalling 6,220,000 shares, an increase of 38.2% from the November 30th total of 4,500,000 shares. Based on an average daily volume of 2,280,000 shares, the short-interest ratio is currently 2.7 days.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Jennison Associates LLC boosted its position in Cabaletta Bio by 1.6% in the 3rd quarter. Jennison Associates LLC now owns 5,632,681 shares of the company’s stock valued at $26,586,000 after buying an additional 86,214 shares during the period. Fred Alger Management LLC increased its stake in Cabaletta Bio by 63.3% in the third quarter. Fred Alger Management LLC now owns 4,119,394 shares of the company’s stock valued at $19,444,000 after purchasing an additional 1,596,512 shares during the last quarter. Sofinnova Investments Inc. raised its holdings in Cabaletta Bio by 184.0% during the second quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company’s stock worth $9,129,000 after purchasing an additional 790,654 shares in the last quarter. Geode Capital Management LLC raised its stake in Cabaletta Bio by 12.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,094,644 shares of the company’s stock worth $5,168,000 after acquiring an additional 124,071 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of Cabaletta Bio by 24.8% in the 2nd quarter. Millennium Management LLC now owns 698,317 shares of the company’s stock valued at $5,223,000 after purchasing an additional 138,950 shares during the period.

Cabaletta Bio Stock Down 2.2 %

CABA traded down $0.05 during trading on Monday, reaching $2.24. The company’s stock had a trading volume of 1,236,808 shares, compared to its average volume of 1,424,783. The firm has a fifty day simple moving average of $3.28 and a two-hundred day simple moving average of $5.02. The company has a market cap of $109.48 million, a price-to-earnings ratio of -1.04 and a beta of 2.37. Cabaletta Bio has a 1 year low of $1.76 and a 1 year high of $26.35.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. UBS Group began coverage on Cabaletta Bio in a research note on Thursday, October 10th. They set a “buy” rating and a $10.00 price objective for the company. Evercore ISI lowered shares of Cabaletta Bio from an “outperform” rating to an “inline” rating and cut their price target for the company from $15.00 to $6.00 in a research note on Friday, December 20th. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Cabaletta Bio in a report on Friday, November 15th. TD Cowen upgraded shares of Cabaletta Bio to a “strong-buy” rating in a research report on Friday, November 29th. Finally, Wells Fargo & Company cut shares of Cabaletta Bio from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $12.00 to $6.00 in a research note on Thursday, December 19th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cabaletta Bio currently has a consensus rating of “Buy” and a consensus price target of $24.38.

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.