Cabaletta Bio (NASDAQ:CABA) Sees Unusually-High Trading Volume – Here’s Why

Cabaletta Bio, Inc. (NASDAQ:CABA) saw strong trading volume on Friday . Approximately 2,422,055 shares traded hands during trading, a decline of 37% from the previous session’s volume of 3,834,662 shares.The stock last traded at $3.4650 and had previously closed at $3.48.

Wall Street Analysts Forecast Growth

CABA has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Cabaletta Bio from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cabaletta Bio in a research note on Friday, July 17th. Wells Fargo & Company decreased their target price on shares of Cabaletta Bio from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 14th. TD Cowen upgraded shares of Cabaletta Bio to a “strong-buy” rating in a report on Monday, August 24th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Cabaletta Bio in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.33.

Cabaletta Bio Trading Down 1.6%

The company’s 50 day simple moving average is $2.94 and its 200-day simple moving average is $3.12. The firm has a market cap of $580.67 million, a P/E ratio of -2.18 and a beta of 3.27.

Cabaletta Bio (NASDAQ:CABA) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.03. On average, sell-side analysts anticipate that Cabaletta Bio, Inc. will post -1.34 earnings per share for the current year.

Institutional Investors Weigh In On Cabaletta Bio

Several hedge funds and other institutional investors have recently made changes to their positions in CABA. HighTower Advisors LLC bought a new position in shares of Cabaletta Bio in the second quarter worth approximately $34,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Cabaletta Bio during the 2nd quarter valued at $476,000. Two Sigma Securities LLC purchased a new stake in Cabaletta Bio in the 2nd quarter worth $83,000. Wellington Management Group LLP raised its holdings in Cabaletta Bio by 15.6% during the second quarter. Wellington Management Group LLP now owns 286,212 shares of the company’s stock valued at $890,000 after acquiring an additional 38,553 shares during the period. Finally, Stonepine Capital Management LLC bought a new stake in Cabaletta Bio during the second quarter valued at about $2,852,181.

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.