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

Wall Street Zen downgraded shares of Cabaletta Bio (NASDAQ:CABA) from a sell rating to a strong sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the company. TD Cowen raised Cabaletta Bio to a “strong-buy” rating in a report on Monday, August 24th. HC Wainwright reissued a “buy” rating and set a $16.00 price objective on shares of Cabaletta Bio in a research note on Tuesday, September 1st. Jefferies Financial Group reissued a “buy” rating on shares of Cabaletta Bio in a research note on Wednesday, June 3rd. Wells Fargo & Company dropped their target price on Cabaletta Bio from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday, August 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cabaletta Bio in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cabaletta Bio currently has an average rating of “Moderate Buy” and a consensus price target of $15.33.

Cabaletta Bio Price Performance

Shares of NASDAQ:CABA opened at $2.91 on Friday. The business’s 50 day moving average price is $2.94 and its 200-day moving average price is $3.12. The firm has a market capitalization of $493.38 million, a PE ratio of -1.85 and a beta of 3.27. Cabaletta Bio has a 1 year low of $1.82 and a 1 year high of $4.23.

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

Hedge Funds Weigh In On Cabaletta Bio

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Cabaletta Bio in the 2nd quarter valued at about $33,447,000. Jennison Associates LLC boosted its stake in shares of Cabaletta Bio by 0.7% in the first quarter. Jennison Associates LLC now owns 8,970,578 shares of the company’s stock valued at $24,131,000 after purchasing an additional 64,879 shares during the period. Opaleye Management Inc. grew its holdings in shares of Cabaletta Bio by 180.0% in the second quarter. Opaleye Management Inc. now owns 3,863,800 shares of the company’s stock valued at $12,016,000 after purchasing an additional 2,483,800 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Cabaletta Bio by 33.8% in the first quarter. Renaissance Technologies LLC now owns 2,036,663 shares of the company’s stock valued at $5,479,000 after purchasing an additional 514,080 shares in the last quarter. Finally, Stonepine Capital Management LLC purchased a new stake in Cabaletta Bio during the 2nd quarter worth approximately $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 immune cells or restore immune tolerance, with the goal of achieving durable disease control.

Cabaletta’s lead investigational program is CABA-201, a fully human anti-CD19 chimeric antigen receptor T-cell therapy being evaluated in autoimmune conditions, including systemic lupus erythematosus and other B-cell-mediated diseases.