Cabaletta Bio (NASDAQ:CABA) Downgraded by Wall Street Zen to Sell

Cabaletta Bio (NASDAQ:CABA) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other research firms have also recently issued reports on CABA. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Cabaletta Bio in a report on Monday, May 4th. Morgan Stanley decreased their price target on Cabaletta Bio from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Tuesday, March 24th. Guggenheim raised their price target on Cabaletta Bio from $15.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Wells Fargo & Company raised their price target on Cabaletta Bio from $2.00 to $4.00 and gave the company an “equal weight” rating in a report on Friday, May 15th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Cabaletta Bio in a report on Wednesday, June 3rd. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $15.50.

Cabaletta Bio Stock Performance

Shares of CABA stock opened at $3.01 on Friday. The stock’s fifty day moving average is $3.37 and its 200-day moving average is $2.89. The stock has a market capitalization of $490.78 million, a PE ratio of -1.54 and a beta of 3.21. Cabaletta Bio has a 52 week low of $1.26 and a 52 week high of $4.23.

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

Hedge Funds Weigh In On Cabaletta Bio

Several hedge funds have recently added to or reduced their stakes in CABA. Adage Capital Partners GP L.L.C. lifted its stake in 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 valued at $13,421,000 after buying an additional 5,195,285 shares during the period. Millennium Management LLC lifted its stake in Cabaletta Bio by 298.5% in the fourth quarter. Millennium Management LLC now owns 2,736,912 shares of the company’s stock valued at $5,994,000 after buying an additional 2,050,099 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in 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 valued at $21,590,000 after buying an additional 1,495,768 shares during the period. Woodline Partners LP raised its position in shares of Cabaletta Bio by 75.2% during the third quarter. Woodline Partners LP now owns 2,135,348 shares of the company’s stock worth $4,997,000 after purchasing an additional 916,884 shares during the period. Finally, Ikarian Capital LLC acquired a new stake in shares of Cabaletta Bio during the fourth quarter worth about $1,971,000.

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.