Cabaletta Bio (NASDAQ:CABA) Trading 9.8% Higher – Should You Buy?

Shares of Cabaletta Bio, Inc. (NASDAQ:CABA) shot up 9.8% during trading on Wednesday . The stock traded as high as $3.09 and last traded at $3.0750. Approximately 1,627,682 shares were traded during trading, a decline of 51% from the average daily volume of 3,304,382 shares. The stock had previously closed at $2.80.

Wall Street Analyst Weigh In

Several research firms have weighed in on CABA. Guggenheim increased their price target on shares of Cabaletta Bio from $15.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Jefferies Financial Group restated a “buy” rating on shares of Cabaletta Bio in a report on Wednesday, June 3rd. Wall Street Zen cut Cabaletta Bio from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Cabaletta Bio in a research report on Monday, May 4th. Finally, Morgan Stanley lowered their target price on Cabaletta Bio from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 24th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $15.50.

Cabaletta Bio Stock Performance

The company has a fifty day simple moving average of $3.36 and a two-hundred day simple moving average of $2.91. The stock has a market capitalization of $463.06 million, a price-to-earnings ratio of -1.45 and a beta of 3.21.

Cabaletta Bio (NASDAQ:CABA) last released its earnings results on Thursday, May 14th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.02. As a group, equities analysts anticipate that Cabaletta Bio, Inc. will post -1.38 earnings per share for the current year.

Hedge Funds Weigh In On Cabaletta Bio

Several hedge funds and other institutional investors have recently made changes to their positions in CABA. Invesco Ltd. increased its stake in Cabaletta Bio by 357.1% in the first quarter. Invesco Ltd. now owns 61,675 shares of the company’s stock valued at $85,000 after acquiring an additional 48,181 shares during the last quarter. Comerica Bank lifted its stake in Cabaletta Bio by 2,292.1% during the first quarter. Comerica Bank now owns 41,599 shares of the company’s stock worth $58,000 after purchasing an additional 39,860 shares during the last quarter. AQR Capital Management LLC acquired a new position in shares of Cabaletta Bio during the 1st quarter worth $102,000. XTX Topco Ltd bought a new stake in shares of Cabaletta Bio during the 2nd quarter worth $148,000. Finally, Marshall Wace LLP lifted its position in shares of Cabaletta Bio by 470.7% during the 2nd quarter. Marshall Wace LLP now owns 190,957 shares of the company’s stock worth $290,000 after buying an additional 157,497 shares during the last quarter.

About Cabaletta Bio

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.