Cabaletta Bio (NASDAQ:CABA) Announces Quarterly Earnings Results

Cabaletta Bio (NASDAQ:CABA) posted its earnings results on Thursday. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.03, FiscalAI reports.

Cabaletta Bio Stock Down 4.7%

Shares of NASDAQ:CABA traded down $0.14 on Thursday, hitting $2.71. 2,061,506 shares of the company traded hands, compared to its average volume of 3,708,492. The stock has a 50 day simple moving average of $2.91 and a 200-day simple moving average of $3.07. The company has a market cap of $442.68 million, a PE ratio of -1.39 and a beta of 3.30. Cabaletta Bio has a 52 week low of $1.40 and a 52 week high of $4.23.

Institutional Investors Weigh In On Cabaletta Bio

Institutional investors have recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. lifted its position in 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 valued at $21,590,000 after acquiring an additional 1,495,768 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in 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 buying an additional 5,195,285 shares in the last quarter. Vanguard Group Inc. raised its position in Cabaletta Bio by 21.4% in the 3rd 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 last quarter. Millennium Management LLC lifted its stake in Cabaletta Bio by 298.5% during the 4th quarter. Millennium Management LLC now owns 2,736,912 shares of the company’s stock valued at $5,994,000 after acquiring an additional 2,050,099 shares during the period. Finally, Superstring Capital Management LP boosted its holdings in shares of Cabaletta Bio by 45.9% during the 4th quarter. Superstring Capital Management LP now owns 2,253,550 shares of the company’s stock valued at $4,935,000 after acquiring an additional 709,025 shares during the last quarter.

Wall Street Analyst Weigh In

CABA has been the topic of several analyst reports. Wall Street Zen downgraded shares of Cabaletta Bio from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Jefferies Financial Group restated a “buy” rating on shares of Cabaletta Bio in a report on Wednesday, June 3rd. Wells Fargo & Company raised their price target 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. 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. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cabaletta Bio in a research note on Friday, July 17th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cabaletta Bio presently has a consensus rating of “Moderate Buy” and an average target price of $15.50.

Cabaletta Bio Company Profile

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.