Cabaletta Bio, Inc. (NASDAQ:CABA) Sees Large Increase in Short Interest

Cabaletta Bio, Inc. (NASDAQ:CABA) was the recipient of a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 6,220,000 shares, an increase of 38.2% from the November 30th total of 4,500,000 shares. Based on an average daily volume of 2,280,000 shares, the short-interest ratio is presently 2.7 days.

Cabaletta Bio Trading Down 2.2 %

NASDAQ:CABA traded down $0.05 during mid-day trading on Monday, hitting $2.24. The stock had a trading volume of 1,236,808 shares, compared to its average volume of 1,424,783. The company has a 50 day simple moving average of $3.28 and a 200-day simple moving average of $5.02. The stock has a market capitalization of $109.48 million, a price-to-earnings ratio of -1.04 and a beta of 2.37. Cabaletta Bio has a 52 week low of $1.76 and a 52 week high of $26.35.

Institutional Investors Weigh In On Cabaletta Bio

A number of institutional investors and hedge funds have recently bought and sold shares of CABA. Jennison Associates LLC boosted its holdings in shares of Cabaletta Bio by 1.6% in the third quarter. Jennison Associates LLC now owns 5,632,681 shares of the company’s stock worth $26,586,000 after buying an additional 86,214 shares during the period. Fred Alger Management LLC grew its holdings in shares of Cabaletta Bio by 63.3% during the 3rd quarter. Fred Alger Management LLC now owns 4,119,394 shares of the company’s stock valued at $19,444,000 after acquiring an additional 1,596,512 shares in the last quarter. Sofinnova Investments Inc. increased its position in Cabaletta Bio by 184.0% in the 2nd quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company’s stock worth $9,129,000 after purchasing an additional 790,654 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Cabaletta Bio by 12.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,094,644 shares of the company’s stock valued at $5,168,000 after buying an additional 124,071 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in Cabaletta Bio by 24.8% in the second quarter. Millennium Management LLC now owns 698,317 shares of the company’s stock valued at $5,223,000 after acquiring an additional 138,950 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. TD Cowen upgraded Cabaletta Bio to a “strong-buy” rating in a research report on Friday, November 29th. Wells Fargo & Company downgraded shares of Cabaletta Bio from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $12.00 to $6.00 in a report on Thursday, December 19th. Evercore ISI cut Cabaletta Bio from an “outperform” rating to an “inline” rating and dropped their target price for the stock from $15.00 to $6.00 in a research report on Friday, December 20th. William Blair reissued an “outperform” rating on shares of Cabaletta Bio in a report on Monday, November 18th. Finally, UBS Group initiated 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. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $24.38.

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.