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

Cabaletta Bio (NASDAQ:CABA) had its price objective decreased by analysts at Wells Fargo & Company from $6.00 to $3.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 134.38% from the company’s current price.

Several other brokerages have also recently commented on CABA. Guggenheim reiterated a “buy” rating and issued a $23.00 target price on shares of Cabaletta Bio in a report on Tuesday. Morgan Stanley reduced their price objective on Cabaletta Bio from $30.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday. Evercore ISI cut Cabaletta Bio from an “outperform” rating to an “inline” rating and cut their target price for the stock from $15.00 to $6.00 in a report on Friday, December 20th. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Cabaletta Bio in a research note on Tuesday. Finally, UBS Group lowered their target price on shares of Cabaletta Bio from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $22.00.

Cabaletta Bio Stock Performance

Shares of CABA traded down $0.11 during trading hours on Tuesday, reaching $1.28. The stock had a trading volume of 592,399 shares, compared to its average volume of 1,485,520. Cabaletta Bio has a 12 month low of $1.27 and a 12 month high of $19.04. The stock has a market capitalization of $62.56 million, a PE ratio of -0.59 and a beta of 2.58. The company’s 50-day moving average is $2.09 and its two-hundred day moving average is $2.95.

Cabaletta Bio (NASDAQ:CABA) last released its quarterly earnings data on Monday, March 31st. The company reported ($0.65) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.65). Equities analysts anticipate that Cabaletta Bio will post -2.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cabaletta Bio

Institutional investors and hedge funds have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Cabaletta Bio during the third quarter valued at approximately $32,000. Point72 DIFC Ltd purchased a new position in shares of Cabaletta Bio during the 3rd quarter valued at $33,000. Miller Financial Services LLC bought a new position in shares of Cabaletta Bio in the fourth quarter worth $33,000. Avanza Fonder AB purchased a new stake in shares of Cabaletta Bio in the fourth quarter worth $40,000. Finally, Intech Investment Management LLC boosted its stake in Cabaletta Bio by 42.2% during the fourth quarter. Intech Investment Management LLC now owns 20,203 shares of the company’s stock valued at $46,000 after buying an additional 5,999 shares during the period.

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.