Wells Fargo & Company Trims Cabaletta Bio (NASDAQ:CABA) Target Price to $20.00

Cabaletta Bio (NASDAQ:CABA) had its price objective reduced by Wells Fargo & Company from $35.00 to $20.00 in a report published on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

CABA has been the subject of several other research reports. Stifel Nicolaus restated a buy rating and set a $32.00 price objective on shares of Cabaletta Bio in a research report on Monday, June 17th. Evercore ISI reduced their target price on shares of Cabaletta Bio from $25.00 to $15.00 and set an outperform rating for the company in a report on Monday. Cantor Fitzgerald reaffirmed an overweight rating and issued a $50.00 price target on shares of Cabaletta Bio in a report on Friday, June 21st. Finally, HC Wainwright reduced their price objective on Cabaletta Bio from $30.00 to $25.00 and set a buy rating for the company in a research note on Friday, August 9th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus target price of $30.11.

Cabaletta Bio Trading Up 1.8 %

NASDAQ CABA opened at $4.46 on Monday. The company has a 50-day moving average price of $7.56 and a two-hundred day moving average price of $13.75. The stock has a market cap of $215.32 million, a price-to-earnings ratio of -2.61 and a beta of 2.42. Cabaletta Bio has a 52 week low of $3.47 and a 52 week high of $26.35.

Cabaletta Bio (NASDAQ:CABA) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.01). As a group, equities research analysts expect that Cabaletta Bio will post -2.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Jennison Associates LLC lifted its stake in Cabaletta Bio by 110.4% in the 1st quarter. Jennison Associates LLC now owns 3,422,984 shares of the company’s stock valued at $58,396,000 after acquiring an additional 1,796,356 shares in the last quarter. Perceptive Advisors LLC grew its holdings in shares of Cabaletta Bio by 76.9% in the 4th quarter. Perceptive Advisors LLC now owns 2,003,058 shares of the company’s stock valued at $45,469,000 after acquiring an additional 870,567 shares in the last quarter. Sofinnova Investments Inc. raised its holdings in Cabaletta Bio by 184.0% during the second quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company’s stock worth $9,129,000 after acquiring an additional 790,654 shares in the last quarter. Blackstone Inc. bought a new position in Cabaletta Bio in the fourth quarter valued at approximately $7,888,000. Finally, Victory Capital Management Inc. raised its stake in shares of Cabaletta Bio by 506.0% during the 4th quarter. Victory Capital Management Inc. now owns 403,927 shares of the company’s stock worth $9,169,000 after purchasing an additional 337,277 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.