Cabaletta Bio (NASDAQ:CABA) Shares Gap Up – What’s Next?

Cabaletta Bio, Inc. (NASDAQ:CABA)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $3.68, but opened at $3.84. Cabaletta Bio shares last traded at $3.60, with a volume of 1,957,748 shares traded.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Cabaletta Bio in a research report on Monday, April 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Cabaletta Bio in a research report on Monday, May 4th. Wall Street Zen raised Cabaletta Bio from a “sell” rating to a “hold” rating in a research report on Saturday. Guggenheim lifted their price objective on Cabaletta Bio from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th. Finally, Wells Fargo & Company lifted their price objective on Cabaletta Bio from $2.00 to $4.00 and gave the company an “equal weight” rating in a research report on Friday, May 15th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Cabaletta Bio has an average rating of “Moderate Buy” and a consensus target price of $15.50.

Cabaletta Bio Stock Performance

The stock has a market capitalization of $570.68 million, a PE ratio of -1.79 and a beta of 3.21. The stock has a 50-day moving average price of $3.27 and a two-hundred day moving average price of $2.83.

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

Institutional Trading of Cabaletta Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. increased its stake in Cabaletta Bio by 17.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 9,858,257 shares of the company’s stock worth $21,590,000 after acquiring an additional 1,495,768 shares during the last quarter. Jennison Associates LLC increased its position in shares of Cabaletta Bio by 0.7% during the 1st 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 last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Cabaletta Bio by 142.9% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 8,829,758 shares of the company’s stock valued at $13,421,000 after purchasing an additional 5,195,285 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Cabaletta Bio by 21.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,190,759 shares of the company’s stock valued at $9,806,000 after purchasing an additional 740,032 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Cabaletta Bio by 298.5% during the 4th quarter. Millennium Management LLC now owns 2,736,912 shares of the company’s stock valued at $5,994,000 after acquiring an additional 2,050,099 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.