HC Wainwright Reaffirms “Buy” Rating for Cabaletta Bio (NASDAQ:CABA)

Cabaletta Bio (NASDAQ:CABA)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a note issued to investors on Friday,Benzinga reports. They presently have a $25.00 price target on the stock.

A number of other research firms have also recently commented on CABA. UBS Group started coverage on shares of Cabaletta Bio in a research report on Thursday, October 10th. They set a “buy” rating and a $10.00 target price for the company. William Blair reissued an “outperform” rating on shares of Cabaletta Bio in a report on Monday, November 18th. TD Cowen raised shares of Cabaletta Bio to a “strong-buy” rating in a research report on Friday, November 29th. Wells Fargo & Company lowered shares of Cabaletta Bio from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $12.00 to $6.00 in a research note on Thursday, December 19th. Finally, Evercore ISI lowered shares of Cabaletta Bio from an “outperform” rating to an “inline” rating and dropped their price objective for the company from $15.00 to $6.00 in a report on Friday, December 20th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cabaletta Bio presently has a consensus rating of “Buy” and a consensus price target of $24.38.

Cabaletta Bio Price Performance

Shares of NASDAQ CABA opened at $2.74 on Friday. The stock has a market capitalization of $133.93 million, a P/E ratio of -1.27 and a beta of 2.46. The business has a fifty day moving average price of $2.75 and a 200 day moving average price of $4.42. Cabaletta Bio has a 1-year low of $1.76 and a 1-year high of $26.35.

Hedge Funds Weigh In On Cabaletta Bio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CABA. Jennison Associates LLC boosted its holdings in Cabaletta Bio by 1.6% in the 3rd quarter. Jennison Associates LLC now owns 5,632,681 shares of the company’s stock worth $26,586,000 after buying an additional 86,214 shares during the last quarter. Fred Alger Management LLC boosted its stake in shares of Cabaletta Bio by 63.3% in 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 last quarter. Geode Capital Management LLC increased its position in shares of Cabaletta Bio by 12.8% during the third quarter. Geode Capital Management LLC now owns 1,094,644 shares of the company’s stock worth $5,168,000 after purchasing an additional 124,071 shares in the last quarter. Millennium Management LLC lifted its holdings in Cabaletta Bio by 24.8% in the 2nd quarter. Millennium Management LLC now owns 698,317 shares of the company’s stock valued at $5,223,000 after purchasing an additional 138,950 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Cabaletta Bio in the third quarter worth about $3,150,000.

About Cabaletta Bio

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.