Cabaletta Bio (NASDAQ:CABA) Trading Up 9.8% – Time to Buy?

Cabaletta Bio, Inc. (NASDAQ:CABA)’s share price shot up 9.8% during trading on Wednesday . The stock traded as high as $3.09 and last traded at $3.0750. 1,627,682 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 3,304,382 shares. The stock had previously closed at $2.80.

Analysts Set New Price Targets

Several brokerages have commented on CABA. Jefferies Financial Group reiterated a “buy” rating on shares of Cabaletta Bio in a research report on Wednesday, June 3rd. Wells Fargo & Company boosted their price target on shares of Cabaletta Bio from $2.00 to $4.00 and gave the stock an “equal weight” rating in a research report on Friday, May 15th. Wall Street Zen cut shares of Cabaletta Bio from a “hold” rating to a “sell” rating in a research report on Saturday. Guggenheim boosted their price target on shares of Cabaletta Bio from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cabaletta Bio in a research report on Monday, April 20th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cabaletta Bio has an average rating of “Moderate Buy” and a consensus price target of $15.50.

Cabaletta Bio Stock Up 8.4%

The company has a market capitalization of $494.87 million, a PE ratio of -1.55 and a beta of 3.21. The business’s 50 day simple moving average is $3.36 and its 200 day simple moving average is $2.90.

Cabaletta Bio (NASDAQ:CABA) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.02. On average, analysts anticipate that Cabaletta Bio, Inc. will post -1.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cabaletta Bio

Large investors have recently made changes to their positions in the business. Kestra Advisory Services LLC acquired a new position in shares of Cabaletta Bio in the 1st quarter valued at about $32,000. SummitTX Capital L.P. acquired a new position in shares of Cabaletta Bio in the 1st quarter valued at about $34,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of Cabaletta Bio in the 4th quarter valued at about $34,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Cabaletta Bio in the 4th quarter valued at about $38,000. Finally, Private Advisor Group LLC increased its holdings in shares of Cabaletta Bio by 22.4% in the 1st quarter. Private Advisor Group LLC now owns 18,025 shares of the company’s stock valued at $48,000 after purchasing an additional 3,300 shares during the period.

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.