Cabaletta Bio (NASDAQ:CABA) Stock Rating Lowered by Wells Fargo & Company

Cabaletta Bio (NASDAQ:CABA) was downgraded by Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report issued on Thursday, Marketbeat reports. They presently have a $6.00 price objective on the stock, down from their prior price objective of $12.00. Wells Fargo & Company‘s price objective would suggest a potential upside of 152.10% from the stock’s current price.

Several other analysts also recently weighed in on the stock. William Blair reaffirmed an “outperform” rating on shares of Cabaletta Bio in a research note on Monday, November 18th. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Cabaletta Bio in a research report on Friday, November 15th. TD Cowen upgraded Cabaletta Bio to a “strong-buy” rating in a research note on Friday, November 29th. Finally, UBS Group began coverage on Cabaletta Bio in a research note on Thursday, October 10th. They issued a “buy” rating and a $10.00 target price on the stock. One research 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’s stock. According to MarketBeat, Cabaletta Bio currently has a consensus rating of “Buy” and a consensus target price of $24.38.

Cabaletta Bio Price Performance

Cabaletta Bio stock opened at $2.38 on Thursday. The company’s 50-day moving average is $3.50 and its 200 day moving average is $5.40. Cabaletta Bio has a 1-year low of $1.76 and a 1-year high of $26.35. The firm has a market capitalization of $116.33 million, a P/E ratio of -1.11 and a beta of 2.37.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Cabaletta Bio in the third quarter worth about $32,000. Point72 DIFC Ltd purchased a new stake in Cabaletta Bio during the 3rd quarter worth approximately $33,000. China Universal Asset Management Co. Ltd. increased its stake in Cabaletta Bio by 65.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 9,395 shares of the company’s stock valued at $44,000 after purchasing an additional 3,724 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of Cabaletta Bio in the third quarter worth $67,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Cabaletta Bio during the third quarter worth $127,000.

Cabaletta Bio Company Profile

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.