Analysts Set Cabaletta Bio, Inc. (NASDAQ:CABA) PT at $27.30

Cabaletta Bio, Inc. (NASDAQ:CABA) has received an average recommendation of “Buy” from the ten ratings firms that are currently covering the company, Marketbeat.com reports. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $26.25.

CABA has been the subject of several analyst reports. UBS Group started coverage on Cabaletta Bio in a research report on Thursday, October 10th. They set a “buy” rating and a $10.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Cabaletta Bio in a research note on Friday, November 15th. William Blair reiterated an “outperform” rating on shares of Cabaletta Bio in a report on Monday, November 18th. TD Cowen upgraded Cabaletta Bio to a “strong-buy” rating in a report on Friday, November 29th. Finally, Wells Fargo & Company cut their target price on Cabaletta Bio from $20.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, November 15th.

Cabaletta Bio Stock Performance

Shares of CABA stock opened at $3.56 on Friday. The firm’s 50 day moving average price is $3.87 and its two-hundred day moving average price is $6.07. The stock has a market cap of $174.01 million, a PE ratio of -1.66 and a beta of 2.37. Cabaletta Bio has a 52-week low of $1.76 and a 52-week high of $26.35.

Hedge Funds Weigh In On Cabaletta Bio

A number of hedge funds have recently bought and sold shares of the company. Fred Alger Management LLC raised its holdings in shares of Cabaletta Bio by 63.3% in the third quarter. Fred Alger Management LLC now owns 4,119,394 shares of the company’s stock valued at $19,444,000 after purchasing an additional 1,596,512 shares during the last quarter. Sofinnova Investments Inc. increased its stake in Cabaletta Bio by 184.0% in the 2nd quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company’s stock valued at $9,129,000 after buying an additional 790,654 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Cabaletta Bio during the 3rd quarter worth approximately $3,150,000. Panagora Asset Management Inc. purchased a new position in shares of Cabaletta Bio in the 2nd quarter worth approximately $2,243,000. Finally, Squarepoint Ops LLC grew its holdings in shares of Cabaletta Bio by 643.3% in the second quarter. Squarepoint Ops LLC now owns 315,379 shares of the company’s stock valued at $2,359,000 after acquiring an additional 272,948 shares in the last quarter.

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.