Cabaletta Bio (NASDAQ:CABA) Downgraded by Wells Fargo & Company to Equal Weight

Wells Fargo & Company lowered shares of Cabaletta Bio (NASDAQ:CABA) from an overweight rating to an equal weight rating in a research report released on Thursday, MarketBeat reports. Wells Fargo & Company currently has $6.00 price target on the stock, down from their previous price target of $12.00.

CABA has been the subject of a number of other research reports. TD Cowen upgraded shares of Cabaletta Bio to a “strong-buy” rating in a report on Friday, November 29th. UBS Group started coverage on shares of Cabaletta Bio in a report on Thursday, October 10th. They set a “buy” rating and a $10.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $25.00 price objective on shares of Cabaletta Bio in a report on Friday, November 15th. Finally, William Blair reaffirmed an “outperform” rating on shares of Cabaletta Bio in a report on Monday, November 18th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cabaletta Bio has a consensus rating of “Buy” and an average price target of $24.38.

Cabaletta Bio Trading Up 3.0 %

Cabaletta Bio stock opened at $2.38 on Thursday. The stock has a 50-day moving average price of $3.50 and a two-hundred day moving average price of $5.37. Cabaletta Bio has a 12 month low of $1.76 and a 12 month high of $26.35. The company has a market capitalization of $116.33 million, a PE ratio of -1.11 and a beta of 2.37.

Institutional Investors Weigh In On Cabaletta Bio

Several institutional investors and hedge funds have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. increased its holdings in Cabaletta Bio by 65.7% in 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 in the last quarter. The Manufacturers Life Insurance Company grew its position 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 period. AlphaCentric Advisors LLC increased its stake 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 valued at $524,000 after acquiring an additional 5,000 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Cabaletta Bio during the 3rd quarter valued at $32,000. Finally, Point72 DIFC Ltd bought a new position in Cabaletta Bio during the third quarter worth $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.