Guggenheim Issues Positive Forecast for Cabaletta Bio (NASDAQ:CABA) Stock Price

Cabaletta Bio (NASDAQ:CABA) had its price target boosted by equities researchers at Guggenheim from $15.00 to $16.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s target price points to a potential upside of 489.10% from the stock’s current price.

Several other equities analysts have also commented on the company. 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 report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cabaletta Bio in a research note on Wednesday, January 21st. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $14.00.

Cabaletta Bio Stock Down 3.7%

Shares of NASDAQ CABA traded down $0.10 during mid-day trading on Tuesday, reaching $2.72. 620,722 shares of the company were exchanged, compared to its average volume of 3,116,195. Cabaletta Bio has a 52 week low of $0.99 and a 52 week high of $3.78. The company’s 50 day moving average price is $2.86 and its 200 day moving average price is $2.54. The stock has a market capitalization of $261.46 million, a PE ratio of -1.07 and a beta of 3.25.

Cabaletta Bio (NASDAQ:CABA) last released its quarterly earnings results on Monday, March 30th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.05. On average, sell-side analysts predict that Cabaletta Bio will post -2.34 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Mark Simon acquired 11,061 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were purchased at an average price of $2.28 per share, for a total transaction of $25,219.08. Following the completion of the acquisition, the director owned 147,205 shares in the company, valued at approximately $335,627.40. This represents a 8.12% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Steve Gavel bought 22,170 shares of the stock in a transaction dated Wednesday, January 21st. The stock was bought at an average cost of $2.27 per share, with a total value of $50,325.90. Following the purchase, the insider owned 22,170 shares in the company, valued at $50,325.90. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 127,668 shares of company stock valued at $286,211 over the last three months. 11.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cabaletta Bio

A number of hedge funds have recently modified their holdings of the company. Invesco Ltd. raised its holdings in Cabaletta Bio by 357.1% in the 1st quarter. Invesco Ltd. now owns 61,675 shares of the company’s stock worth $85,000 after purchasing an additional 48,181 shares in the last quarter. Comerica Bank boosted its position in Cabaletta Bio by 2,292.1% during the 1st quarter. Comerica Bank now owns 41,599 shares of the company’s stock valued at $58,000 after acquiring an additional 39,860 shares in the last quarter. AQR Capital Management LLC bought a new stake in Cabaletta Bio during the 1st quarter valued at approximately $102,000. Jefferies Financial Group Inc. purchased a new position in shares of Cabaletta Bio during the 2nd quarter worth approximately $3,036,000. Finally, XTX Topco Ltd purchased a new position in shares of Cabaletta Bio during the 2nd quarter worth approximately $148,000.

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.