Cabaletta Bio (NASDAQ:CABA) Trading Up 9% – Still a Buy?

Cabaletta Bio, Inc. (NASDAQ:CABA) shares rose 9% during mid-day trading on Monday . The stock traded as high as $2.97 and last traded at $2.9750. 2,175,533 shares were traded during mid-day trading, a decline of 44% from the average session volume of 3,899,294 shares. The stock had previously closed at $2.73.

Analyst Upgrades and Downgrades

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

Cabaletta Bio Trading Up 9.0%

The company’s fifty day moving average is $2.94 and its 200 day moving average is $3.12. The company has a market cap of $504.38 million, a P/E ratio of -1.89 and a beta of 3.27.

Cabaletta Bio (NASDAQ:CABA) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.03. Analysts anticipate that Cabaletta Bio, Inc. will post -1.34 EPS for the current year.

Institutional Investors Weigh In On Cabaletta Bio

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in Cabaletta Bio during the 2nd quarter worth approximately $33,447,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of Cabaletta Bio by 17.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 9,858,257 shares of the company’s stock worth $21,590,000 after purchasing an additional 1,495,768 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Cabaletta Bio by 0.7% in the first quarter. Jennison Associates LLC now owns 8,970,578 shares of the company’s stock worth $24,131,000 after purchasing an additional 64,879 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Cabaletta Bio by 142.9% in the second quarter. Adage Capital Partners GP L.L.C. now owns 8,829,758 shares of the company’s stock worth $13,421,000 after buying an additional 5,195,285 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Cabaletta Bio by 21.4% in the third quarter. Vanguard Group Inc. now owns 4,190,759 shares of the company’s stock worth $9,806,000 after buying an additional 740,032 shares during the period.

About Cabaletta Bio

Cabaletta Bio, Inc is a clinical-stage biotechnology company focused on developing engineered T-cell therapies for patients with autoimmune diseases. The company’s approach is designed to selectively target and eliminate disease-causing immune cells or restore immune tolerance, with the goal of achieving durable disease control.

Cabaletta’s lead investigational program is CABA-201, a fully human anti-CD19 chimeric antigen receptor T-cell therapy being evaluated in autoimmune conditions, including systemic lupus erythematosus and other B-cell-mediated diseases.