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

Cabaletta Bio, Inc. (NASDAQ:CABA) 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 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

Several analysts have issued reports on the stock. Citigroup upped their price target on shares of Cabaletta Bio from $26.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Wells Fargo & Company upped their price target on shares of Cabaletta Bio from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Friday, March 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $50.00 price target on shares of Cabaletta Bio in a report on Friday, April 5th. HC Wainwright boosted their price objective on shares of Cabaletta Bio from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Jefferies Financial Group assumed coverage on shares of Cabaletta Bio in a research report on Monday, February 5th. They issued a “buy” rating and a $36.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $34.33.

Cabaletta Bio Price Performance

The firm’s 50-day moving average is $18.48 and its 200 day moving average is $18.83. The stock has a market cap of $515.38 million, a price-to-earnings ratio of -6.67 and a beta of 2.41.

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

Hedge Funds Weigh In On Cabaletta Bio

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Macroview Investment Management LLC acquired a new stake in shares of Cabaletta Bio in the fourth quarter worth $26,000. Tower Research Capital LLC TRC increased its position in shares of 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 acquired a new stake in shares of Cabaletta Bio in the third quarter worth $63,000. Amalgamated Bank increased its position in shares of 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. acquired a new stake in shares of 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.