Brokerages Set Cabaletta Bio, Inc. (NASDAQ:CABA) PT at $24.38

Shares of Cabaletta Bio, Inc. (NASDAQ:CABA) have earned an average recommendation of “Buy” from the nine research firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $24.38.

CABA has been the topic of several recent analyst reports. TD Cowen raised Cabaletta Bio to a “strong-buy” rating in a report on Friday, November 29th. HC Wainwright reissued a “buy” rating and set a $25.00 price objective on shares of Cabaletta Bio in a report on Friday, January 17th. Evercore ISI cut shares of Cabaletta Bio from an “outperform” rating to an “inline” rating and decreased their price target for the company from $15.00 to $6.00 in a research note on Friday, December 20th. William Blair reissued an “outperform” rating on shares of Cabaletta Bio in a research note on Monday, November 18th. Finally, Wells Fargo & Company cut shares of Cabaletta Bio from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $12.00 to $6.00 in a research note on Thursday, December 19th.

Cabaletta Bio Stock Down 3.5 %

NASDAQ:CABA opened at $2.50 on Friday. The firm has a market cap of $122.20 million, a PE ratio of -1.16 and a beta of 2.46. Cabaletta Bio has a 12 month low of $1.76 and a 12 month high of $26.35. The company’s 50-day moving average price is $2.63 and its two-hundred day moving average price is $4.29.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. lifted its stake 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 buying an additional 3,724 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Cabaletta Bio by 8.0% during the second 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 period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Cabaletta Bio in the third quarter valued at approximately $32,000. Point72 DIFC Ltd acquired a new stake in Cabaletta Bio in the third quarter worth $33,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Cabaletta Bio by 6.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 125,845 shares of the company’s stock worth $594,000 after purchasing an additional 7,518 shares during the period.

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.