Cabaletta Bio (NASDAQ:CABA) Shares Gap Up – Still a Buy?

Cabaletta Bio, Inc. (NASDAQ:CABA)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $3.68, but opened at $3.84. Cabaletta Bio shares last traded at $3.60, with a volume of 1,957,748 shares.

Analyst Ratings Changes

A number of analysts have issued reports on CABA shares. Wells Fargo & Company lifted their price objective on Cabaletta Bio from $2.00 to $4.00 and gave the stock an “equal weight” rating in a research note on Friday, May 15th. Morgan Stanley reduced their price objective on Cabaletta Bio from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 24th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Cabaletta Bio in a research note on Wednesday. Guggenheim lifted their price objective on Cabaletta Bio from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Cabaletta Bio in a research note on Monday, May 4th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cabaletta Bio currently has an average rating of “Moderate Buy” and an average price target of $15.50.

Cabaletta Bio Trading Down 2.0%

The stock has a 50 day simple moving average of $3.31 and a 200-day simple moving average of $2.86. The firm has a market cap of $572.32 million, a P/E ratio of -1.79 and a beta of 3.21.

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

Hedge Funds Weigh In On Cabaletta Bio

A number of institutional investors and hedge funds have recently modified their holdings of CABA. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Cabaletta Bio by 142.9% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 8,829,758 shares of the company’s stock worth $13,421,000 after purchasing an additional 5,195,285 shares during the period. Millennium Management LLC boosted its holdings in shares of Cabaletta Bio by 298.5% in the 4th quarter. Millennium Management LLC now owns 2,736,912 shares of the company’s stock worth $5,994,000 after purchasing an additional 2,050,099 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Cabaletta Bio by 17.9% in the 4th 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 period. Woodline Partners LP boosted its holdings in shares of Cabaletta Bio by 75.2% in the 3rd 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 purchased a new position in shares of Cabaletta Bio in the 4th quarter worth approximately $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.