Cabaletta Bio (NASDAQ:CABA) Shares Gap Up – What’s Next?

Cabaletta Bio, Inc. (NASDAQ:CABA) shares gapped up before the market opened on Wednesday . The stock had previously closed at $3.68, but opened at $3.84. Cabaletta Bio shares last traded at $3.60, with a volume of 1,957,748 shares changing hands.

Analyst Ratings Changes

Several brokerages have weighed in on CABA. Wells Fargo & Company upped their target price on Cabaletta Bio from $2.00 to $4.00 and gave the stock an “equal weight” rating in a report on Friday, May 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cabaletta Bio in a research report on Monday, April 20th. Guggenheim boosted their price target on Cabaletta Bio from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Jefferies Financial Group reissued a “buy” rating on shares of Cabaletta Bio in a research report on Wednesday. Finally, Morgan Stanley reduced their target price on Cabaletta Bio from $14.00 to $13.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 24th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.50.

Cabaletta Bio Price Performance

The business has a fifty day moving average price of $3.27 and a two-hundred day moving average price of $2.83. The firm has a market capitalization of $570.68 million, a price-to-earnings ratio of -1.79 and a beta of 3.21.

Cabaletta Bio (NASDAQ:CABA) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.02. On average, research analysts predict that Cabaletta Bio, Inc. will post -1.38 earnings per share for the current year.

Institutional Trading of Cabaletta Bio

Hedge funds have recently modified their holdings of the stock. Kestra Advisory Services LLC purchased a new stake in shares of Cabaletta Bio in the first quarter worth about $32,000. SummitTX Capital L.P. purchased a new position in Cabaletta Bio during the first quarter worth approximately $34,000. China Universal Asset Management Co. Ltd. purchased a new position in Cabaletta Bio during the fourth quarter worth approximately $34,000. ANTIPODES PARTNERS Ltd purchased a new position in Cabaletta Bio during the fourth quarter worth approximately $38,000. Finally, Private Advisor Group LLC boosted its position in Cabaletta Bio by 22.4% during the first quarter. Private Advisor Group LLC now owns 18,025 shares of the company’s stock worth $48,000 after purchasing an additional 3,300 shares in the last quarter.

Cabaletta Bio Company Profile

Cabaletta Bio is a clinical-stage biotechnology company pioneering chimeric autoantibody receptor T cell (CAAR-T) therapies for B cell–mediated autoimmune diseases. Its proprietary platform engineers patient-derived T cells to selectively target and eliminate pathogenic B cells that produce disease-driving autoantibodies, with the aim of preserving overall immune function and reducing off-target toxicity.

The company’s lead candidate, DSG3-CAART, is being evaluated in pemphigus vulgaris, a rare blistering disorder caused by autoantibodies against desmoglein 3.