Cabaletta Bio (NASDAQ:CABA) Stock Price Up 7.7% – Time to Buy?

Shares of Cabaletta Bio, Inc. (NASDAQ:CABA) rose 7.7% during trading on Wednesday . The stock traded as high as $4.02 and last traded at $4.0050. Approximately 1,539,244 shares changed hands during trading, a decline of 52% from the average daily volume of 3,239,040 shares. The stock had previously closed at $3.72.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CABA shares. Morgan Stanley cut their target price on Cabaletta Bio from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 24th. Wells Fargo & Company boosted their price target on Cabaletta Bio from $2.00 to $4.00 and gave the company an “equal weight” rating in a research note on Friday, May 15th. Guggenheim upped their target price on Cabaletta Bio from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Wall Street Zen cut shares of Cabaletta Bio from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cabaletta Bio in a research note on Monday, April 20th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $15.50.

Cabaletta Bio Trading Up 4.2%

The company has a market capitalization of $632.00 million, a P/E ratio of -1.98 and a beta of 3.18. The stock has a 50 day moving average price of $3.21 and a 200 day moving average price of $2.80.

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

Hedge Funds Weigh In On Cabaletta Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in CABA. Kestra Advisory Services LLC bought a new stake in shares of Cabaletta Bio in the first quarter worth $32,000. SummitTX Capital L.P. acquired a new stake in shares of Cabaletta Bio in the first quarter valued at about $34,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Cabaletta Bio during the fourth quarter worth about $34,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Cabaletta Bio in the fourth quarter worth approximately $38,000. Finally, Private Advisor Group LLC increased its holdings in Cabaletta Bio by 22.4% in the first quarter. Private Advisor Group LLC now owns 18,025 shares of the company’s stock worth $48,000 after purchasing an additional 3,300 shares in the last quarter.

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.