Brokerages Set Cabaletta Bio, Inc. (NASDAQ:CABA) Price Target at $22.71

Shares of Cabaletta Bio, Inc. (NASDAQ:CABA) have received a consensus recommendation of "Buy" from the eight brokerage firms currently covering the stock, according to MarketBeat Ratings. Specifically, one analyst has provided a hold rating, while six have issued buy ratings and one analyst has assigned a strong buy rating. The average target price set by analysts for Cabaletta Bio over the next twelve months is $22.71.

Several research firms have recently published their ratings on Cabaletta Bio. On Friday, November 29th, TD Cowen upgraded the stock to a "strong-buy" rating. On December 19th, Wells Fargo & Company changed their stance from "overweight" to "equal weight" and adjusted their price target for the stock from $12.00 down to $6.00. Meanwhile, William Blair reaffirmed an "outperform" rating for Cabaletta Bio on November 18th. HC Wainwright also reiterated a "buy" rating for the stock and set an impressive price target of $25.00 on January 17th. In contrast, Evercore ISI downgraded the stock from an "outperform" rating to an "inline" rating, cutting their price target from $15.00 to $6.00, as reported on December 20th.

Cabaletta Bio Stock Performance

As of Wednesday, Cabaletta Bio shares opened at $2.71. The stock has experienced fluctuations over the past year, with a 52-week low of $1.76 and a high of $25.05. The fifty-day moving average currently stands at $2.50, while the two-hundred day moving average is $3.76. At present, Cabaletta Bio has a market capitalization of approximately $132.46 million, a negative price-to-earnings ratio of -1.26, and a beta value of 2.47.

Institutional Investor Activity

Recent trading activity reveals that institutional investors and hedge funds have also been adjusting their stakes in Cabaletta Bio. Walleye Capital LLC increased its holdings in Cabaletta Bio by 111.6% during the third quarter, accumulating a total of 401,982 shares valued at around $1,897,000 after purchasing an additional 212,025 shares. Point72 Asset Management L.P. established a new position in Cabaletta Bio during the same period, with an investment valued at approximately $3,150,000. Also, Geode Capital Management LLC raised its holdings by 12.8% during the third quarter, owning a total of 1,094,644 shares valued at $5,168,000 after acquiring an additional 124,071 shares. Barclays PLC boosted its stake by 48.2%, now holding 61,130 shares valued at about $288,000. Lastly, XTX Topco Ltd increased its total by an impressive 490.2%, owning 87,455 shares valued at $413,000 after acquiring 72,638 shares during the third quarter.

Overview of Cabaletta Bio

Cabaletta Bio, Inc. is a clinical-stage biotechnology company focusing on the research and development of engineered T cell therapies targeted at patients suffering from B cell-mediated autoimmune diseases. The company's lead product candidate, CABA-201, is a fully human anti-CD19 binder currently undergoing Phase 1/2 clinical trials for conditions such as dermatomyositis, anti-synthetase syndrome, immune-mediated necrotizing myopathy, lupus nephritis, non-renal systemic lupus erythematosus, systemic sclerosis, and generalized myasthenia gravis.

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