Cabaletta Bio (NASDAQ:CABA) Rating Lowered to Inline at Evercore ISI

Cabaletta Bio (NASDAQ:CABA) was downgraded by research analysts at Evercore ISI from an “outperform” rating to an “inline” rating in a report released on Friday, Marketbeat.com reports. They currently have a $6.00 target price on the stock, down from their prior target price of $15.00. Evercore ISI’s price objective suggests a potential upside of 152.10% from the company’s previous close.

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

Cabaletta Bio Price Performance

Shares of Cabaletta Bio stock opened at $2.38 on Friday. Cabaletta Bio has a 1 year low of $1.76 and a 1 year high of $26.35. The business has a 50 day moving average price of $3.50 and a 200 day moving average price of $5.37. The company has a market capitalization of $116.33 million, a P/E ratio of -1.11 and a beta of 2.37.

Institutional Investors Weigh In On Cabaletta Bio

Several hedge funds have recently modified their holdings of CABA. China Universal Asset Management Co. Ltd. raised its stake in Cabaletta Bio by 65.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 9,395 shares of the company’s stock worth $44,000 after purchasing an additional 3,724 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Cabaletta Bio by 8.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 56,424 shares of the company’s stock worth $422,000 after buying an additional 4,191 shares during the last quarter. AlphaCentric Advisors LLC raised its position in shares of Cabaletta Bio by 7.7% in the 2nd quarter. AlphaCentric Advisors LLC now owns 70,000 shares of the company’s stock worth $524,000 after buying an additional 5,000 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cabaletta Bio in the third quarter valued at $32,000. Finally, Point72 DIFC Ltd purchased a new stake in Cabaletta Bio during the third quarter valued at about $33,000.

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.