Short Interest in Cabaletta Bio, Inc. (NASDAQ:CABA) Drops By 28.9%

Cabaletta Bio, Inc. (NASDAQ:CABA) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totalling 3,780,000 shares, a drop of 28.9% from the September 30th total of 5,320,000 shares. Based on an average daily volume of 1,040,000 shares, the days-to-cover ratio is currently 3.6 days.

Cabaletta Bio Trading Up 2.4 %

NASDAQ CABA traded up $0.10 during trading on Tuesday, reaching $4.20. 820,241 shares of the company’s stock were exchanged, compared to its average volume of 1,088,372. The firm has a market capitalization of $205.17 million, a PE ratio of -2.16 and a beta of 2.39. Cabaletta Bio has a fifty-two week low of $3.47 and a fifty-two week high of $26.35. The company’s fifty day simple moving average is $4.62 and its 200-day simple moving average is $7.79.

Cabaletta Bio (NASDAQ:CABA) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.01). Equities analysts forecast that Cabaletta Bio will post -2.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Cabaletta Bio

Several hedge funds have recently bought and sold shares of the business. EntryPoint Capital LLC bought a new position in shares of Cabaletta Bio in the first quarter valued at approximately $147,000. China Universal Asset Management Co. Ltd. raised its holdings in Cabaletta Bio by 65.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 9,395 shares of the company’s stock worth $44,000 after acquiring an additional 3,724 shares during the period. Bayesian Capital Management LP acquired a new position in Cabaletta Bio during the 1st quarter worth $191,000. Teachers Retirement System of The State of Kentucky bought a new stake in Cabaletta Bio during the first quarter valued at about $305,000. Finally, Blair William & Co. IL grew its position in shares of Cabaletta Bio by 47.3% in the first quarter. Blair William & Co. IL now owns 27,300 shares of the company’s stock valued at $466,000 after purchasing an additional 8,762 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CABA shares. Wells Fargo & Company lowered their target price on Cabaletta Bio from $35.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, August 12th. HC Wainwright reiterated a “buy” rating and issued a $25.00 target price on shares of Cabaletta Bio in a report on Tuesday, September 17th. Evercore ISI decreased their price target on shares of Cabaletta Bio from $25.00 to $15.00 and set an “outperform” rating on the stock in a research report on Monday, August 12th. Finally, UBS Group initiated coverage on Cabaletta Bio in a research report on Thursday, October 10th. They set a “buy” rating and a $10.00 price objective for the company. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cabaletta Bio has an average rating of “Buy” and an average price target of $28.10.

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.