Cabaletta Bio (NASDAQ:CABA) Rating Lowered to Inline at Evercore ISI

Cabaletta Bio (NASDAQ:CABA) was downgraded by equities researchers at Evercore ISI from an “outperform” rating to an “inline” rating in a report issued on Friday,Briefing.com Automated Import reports. They currently have a $6.00 target price on the stock, down from their prior target price of $15.00. Evercore ISI’s target price would suggest a potential upside of 159.74% from the stock’s previous close.

A number of other brokerages also recently weighed in on CABA. UBS Group assumed coverage on shares of Cabaletta Bio in a research report on Thursday, October 10th. They set a “buy” rating and a $10.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Cabaletta Bio in a report on Friday, November 15th. William Blair reissued an “outperform” rating on shares of Cabaletta Bio in a report on Monday, November 18th. Wells Fargo & Company downgraded Cabaletta Bio from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $12.00 to $6.00 in a research note on Thursday. Finally, TD Cowen raised Cabaletta Bio to a “strong-buy” rating in a research report on Friday, November 29th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $24.38.

Cabaletta Bio Price Performance

NASDAQ CABA opened at $2.31 on Friday. The company has a market capitalization of $112.91 million, a price-to-earnings ratio of -1.07 and a beta of 2.37. Cabaletta Bio has a 12 month low of $1.76 and a 12 month high of $26.35. The company’s fifty day moving average price is $3.54 and its two-hundred day moving average price is $5.45.

Institutional Trading of Cabaletta Bio

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