Wells Fargo & Company Has Lowered Expectations for Cabaletta Bio (NASDAQ:CABA) Stock Price

Cabaletta Bio (NASDAQ:CABA) had its price objective decreased by investment analysts at Wells Fargo & Company from $20.00 to $12.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 288.35% from the company’s current price.

Several other equities analysts also recently issued reports on the company. Evercore ISI reduced their price objective on Cabaletta Bio from $25.00 to $15.00 and set an “outperform” rating for the company in a research report on Monday, August 12th. UBS Group began coverage on shares of Cabaletta Bio in a research note on Thursday, October 10th. They issued a “buy” rating and a $10.00 price target for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $25.00 price target on shares of Cabaletta Bio in a research note on Friday. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $27.30.

Cabaletta Bio Stock Performance

Shares of CABA traded down $0.69 during midday trading on Friday, hitting $3.09. 3,133,367 shares of the stock traded hands, compared to its average volume of 1,086,391. The business’s 50 day moving average price is $4.25 and its two-hundred day moving average price is $6.98. The firm has a market capitalization of $150.95 million, a PE ratio of -1.63 and a beta of 2.42. Cabaletta Bio has a 1-year low of $2.96 and a 1-year high of $26.35.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CABA. California State Teachers Retirement System boosted its stake in Cabaletta Bio by 6.0% in the 1st quarter. California State Teachers Retirement System now owns 30,428 shares of the company’s stock worth $519,000 after purchasing an additional 1,711 shares during the period. China Universal Asset Management Co. Ltd. raised its position in Cabaletta Bio by 65.7% during 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 lifted its stake in Cabaletta Bio by 8.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 56,424 shares of the company’s stock worth $422,000 after acquiring an additional 4,191 shares in the last quarter. AlphaCentric Advisors LLC lifted its stake in Cabaletta Bio by 7.7% in the 2nd quarter. AlphaCentric Advisors LLC now owns 70,000 shares of the company’s stock worth $524,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Cabaletta Bio during the 3rd quarter worth about $32,000.

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.