Cabaletta Bio (NASDAQ:CABA) Posts Quarterly Earnings Results, Hits Expectations

Cabaletta Bio (NASDAQ:CABA) announced its quarterly earnings data on Monday. The company reported ($0.65) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.65), Zacks reports.

Cabaletta Bio Price Performance

Shares of NASDAQ CABA opened at $1.39 on Tuesday. The stock has a market capitalization of $67.69 million, a price-to-earnings ratio of -0.64 and a beta of 2.58. The firm’s 50 day simple moving average is $2.09 and its 200-day simple moving average is $2.95. Cabaletta Bio has a 12 month low of $1.36 and a 12 month high of $19.04.

Analysts Set New Price Targets

Several analysts have weighed in on CABA shares. HC Wainwright reiterated a “buy” rating and set a $25.00 price target on shares of Cabaletta Bio in a research note on Tuesday. Wells Fargo & Company downgraded shares of Cabaletta Bio from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $12.00 to $6.00 in a report on Thursday, December 19th. Finally, Evercore ISI cut shares of Cabaletta Bio from an “outperform” rating to an “inline” rating and decreased their price objective for the company from $15.00 to $6.00 in a research note on Friday, December 20th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $22.71.

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.