Cormorant Asset Management LP Decreases Stake in Cabaletta Bio, Inc. $CABA

Cormorant Asset Management LP reduced its position in Cabaletta Bio, Inc. (NASDAQ:CABA) by 12.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,400,000 shares of the company’s stock after selling 600,000 shares during the period. Cabaletta Bio makes up approximately 0.4% of Cormorant Asset Management LP’s investment portfolio, making the stock its 27th biggest position. Cormorant Asset Management LP’s holdings in Cabaletta Bio were worth $9,636,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jennison Associates LLC boosted its position in Cabaletta Bio by 4.8% in the 4th quarter. Jennison Associates LLC now owns 8,905,699 shares of the company’s stock valued at $19,503,000 after buying an additional 408,162 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Cabaletta Bio by 565.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 537,649 shares of the company’s stock valued at $1,258,000 after buying an additional 456,853 shares during the last quarter. 683 Capital Management LLC purchased a new position in Cabaletta Bio in the 4th quarter valued at about $851,000. Tower Research Capital LLC TRC boosted its position in Cabaletta Bio by 695.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 51,036 shares of the company’s stock valued at $78,000 after buying an additional 44,621 shares during the last quarter. Finally, Comerica Bank boosted its position in Cabaletta Bio by 2,292.1% in the 1st quarter. Comerica Bank now owns 41,599 shares of the company’s stock valued at $58,000 after buying an additional 39,860 shares during the last quarter.

Cabaletta Bio Stock Performance

Shares of CABA stock opened at $2.84 on Thursday. Cabaletta Bio, Inc. has a one year low of $1.26 and a one year high of $4.23. The company’s 50-day simple moving average is $3.36 and its 200-day simple moving average is $2.91. The stock has a market capitalization of $463.06 million, a price-to-earnings ratio of -1.45 and a beta of 3.21.

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

Analyst Upgrades and Downgrades

CABA has been the subject of a number of analyst reports. Wall Street Zen cut shares of Cabaletta Bio from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Wells Fargo & Company increased 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. Morgan Stanley reduced their price target on shares of Cabaletta Bio from $14.00 to $13.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cabaletta Bio in a research report on Monday, April 20th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Cabaletta Bio in a research report on Wednesday, June 3rd. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $15.50.

Cabaletta Bio 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.