Cabaletta Bio (NASDAQ:CABA) Rating Lowered to Strong Sell at Wall Street Zen

Cabaletta Bio (NASDAQ:CABA) was downgraded by research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report issued on Saturday, Wall Street Zen reports.

CABA has been the subject of a number of other reports. Wells Fargo & Company lowered their price target on Cabaletta Bio from $4.00 to $3.00 and set an “equal weight” rating for the company in a research 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. William Blair raised shares of Cabaletta Bio to a “strong-buy” rating in a research note on Wednesday, September 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Cabaletta Bio in a report on Thursday. Finally, HC Wainwright restated a “buy” rating and issued a $16.00 target price on shares of Cabaletta Bio in a report on Tuesday, September 1st. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $15.60.

Cabaletta Bio Price Performance

NASDAQ:CABA opened at $1.41 on Friday. The firm has a market capitalization of $239.05 million, a price-to-earnings ratio of -0.90 and a beta of 3.48. Cabaletta Bio has a 1 year low of $1.40 and a 1 year high of $4.23. The business has a 50 day simple moving average of $2.59 and a 200-day simple moving average of $2.94.

Cabaletta Bio (NASDAQ:CABA) last announced its earnings results on Thursday, August 13th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.03. As a group, analysts expect that Cabaletta Bio will post -1.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cabaletta Bio

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Cabaletta Bio during the 2nd quarter valued at $33,447,000. Jennison Associates LLC increased its stake in 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 period. Opaleye Management Inc. lifted its position in shares of Cabaletta Bio by 180.0% during the second quarter. Opaleye Management Inc. now owns 3,863,800 shares of the company’s stock worth $12,016,000 after purchasing an additional 2,483,800 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Cabaletta Bio by 33.8% during the first quarter. Renaissance Technologies LLC now owns 2,036,663 shares of the company’s stock worth $5,479,000 after purchasing an additional 514,080 shares during the last quarter. Finally, Stonepine Capital Management LLC bought a new stake in shares of Cabaletta Bio during the second quarter worth $2,852,181.

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 B cells or autoreactive immune cells while seeking to restore a healthier immune system.

Cabaletta’s lead program is CABA-201, a fully human CD19-directed chimeric antigen receptor T-cell therapy being evaluated across multiple autoimmune conditions. The company has also developed a platform for creating targeted cellular therapies, including investigational product candidates intended for diseases such as pemphigus and other antibody-mediated autoimmune disorders.

Founded in 2017 and headquartered in Philadelphia, Pennsylvania, Cabaletta Bio conducts research and clinical development primarily in the United States.