Cabaletta Bio (NASDAQ:CABA) Downgraded to “Equal Weight” Rating by Wells Fargo & Company

Cabaletta Bio (NASDAQ:CABA) was downgraded by equities researchers at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Thursday,Finviz reports. They currently have a $6.00 price target on the stock, down from their prior price target of $12.00. Wells Fargo & Company‘s target price indicates a potential upside of 162.01% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 target price on shares of Cabaletta Bio in a research report on Friday, November 15th. UBS Group began coverage on Cabaletta Bio in a report on Thursday, October 10th. They set a “buy” rating and a $10.00 price objective on the stock. William Blair reissued an “outperform” rating on shares of Cabaletta Bio in a report on Monday, November 18th. Finally, TD Cowen raised Cabaletta Bio to a “strong-buy” rating in a research report on Friday, November 29th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $25.50.

Cabaletta Bio Stock Down 16.7 %

Shares of Cabaletta Bio stock opened at $2.29 on Thursday. Cabaletta Bio has a 52 week low of $1.76 and a 52 week high of $26.35. The firm’s 50 day moving average is $3.57 and its two-hundred day moving average is $5.48. The firm has a market capitalization of $111.93 million, a P/E ratio of -1.07 and a beta of 2.37.

Hedge Funds Weigh In On Cabaletta Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC grew its position in Cabaletta Bio by 1.6% in the 3rd quarter. Jennison Associates LLC now owns 5,632,681 shares of the company’s stock valued at $26,586,000 after buying an additional 86,214 shares during the last quarter. Fred Alger Management LLC lifted its stake in shares of Cabaletta Bio by 63.3% in the 3rd quarter. Fred Alger Management LLC now owns 4,119,394 shares of the company’s stock worth $19,444,000 after acquiring an additional 1,596,512 shares during the period. Sofinnova Investments Inc. boosted its holdings in shares of Cabaletta Bio by 184.0% in the second quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company’s stock valued at $9,129,000 after acquiring an additional 790,654 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Cabaletta Bio by 12.8% during the third quarter. Geode Capital Management LLC now owns 1,094,644 shares of the company’s stock worth $5,168,000 after acquiring an additional 124,071 shares during the period. Finally, Millennium Management LLC raised its holdings in Cabaletta Bio by 24.8% during the second quarter. Millennium Management LLC now owns 698,317 shares of the company’s stock worth $5,223,000 after purchasing an additional 138,950 shares in the last quarter.

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.