Cabaletta Bio (NASDAQ:CABA) Lowered to “Inline” Rating by Evercore ISI

Cabaletta Bio (NASDAQ:CABA) was downgraded by investment analysts at Evercore ISI from an “outperform” rating to an “inline” rating in a note issued to investors on Friday,Briefing.com Automated Import reports. They presently have a $6.00 price target on the stock, down from their prior price target of $15.00. Evercore ISI’s price objective points to a potential upside of 159.74% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. TD Cowen raised shares of Cabaletta Bio to a “strong-buy” rating in a research report on Friday, November 29th. Wells Fargo & Company cut Cabaletta Bio from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $12.00 to $6.00 in a report on Thursday. William Blair reiterated an “outperform” rating on shares of Cabaletta Bio in a research report on Monday, November 18th. UBS Group started coverage on shares of Cabaletta Bio in a research report on Thursday, October 10th. They issued a “buy” rating and a $10.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $25.00 price target on shares of Cabaletta Bio in a research report on Friday, November 15th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $24.38.

Cabaletta Bio Trading Up 0.9 %

Cabaletta Bio stock opened at $2.31 on Friday. The stock has a market cap of $112.91 million, a PE ratio of -1.07 and a beta of 2.37. The stock has a 50-day moving average price of $3.54 and a 200 day moving average price of $5.45. Cabaletta Bio has a 52 week low of $1.76 and a 52 week high of $26.35.

Hedge Funds Weigh In On Cabaletta Bio

Several hedge funds and other institutional investors have recently made changes to their positions in CABA. Jennison Associates LLC raised its position in Cabaletta Bio by 1.6% in the third quarter. Jennison Associates LLC now owns 5,632,681 shares of the company’s stock valued at $26,586,000 after purchasing an additional 86,214 shares during the period. Fred Alger Management LLC raised its holdings in shares of Cabaletta Bio by 63.3% during the 3rd quarter. Fred Alger Management LLC now owns 4,119,394 shares of the company’s stock valued at $19,444,000 after buying an additional 1,596,512 shares during the period. Sofinnova Investments Inc. lifted its position in Cabaletta Bio by 184.0% during the 2nd quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company’s stock worth $9,129,000 after acquiring an additional 790,654 shares in the last quarter. Geode Capital Management LLC grew its position in Cabaletta Bio by 12.8% in the third quarter. Geode Capital Management LLC now owns 1,094,644 shares of the company’s stock valued at $5,168,000 after acquiring an additional 124,071 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Cabaletta Bio by 24.8% during the second quarter. Millennium Management LLC now owns 698,317 shares of the company’s stock valued at $5,223,000 after purchasing an additional 138,950 shares during the period.

About Cabaletta Bio

Cabaletta Bio, Inc, a clinical-stage biotechnology company, focuses on the discovery and development of engineered T cell therapies for patients with B cell-mediated autoimmune diseases. The company's lead product candidate is CABA-201, a fully human anti-CD19 binder for the treatment of Phase 1/2 clinical trials in dermatomyositis, anti-synthetase syndrome, immune-mediated necrotizing myopathy, lupus nephritis, non-renal systemic lupus erythematosus, systemic sclerosis, and generalized myasthenia gravis.