Cabaletta Bio, Inc. Experiences Significant Drop in Short Interest

Cabaletta Bio, Inc. (NASDAQ:CABA) saw a noticeable decrease in short interest during October. As reported on October 15th, the total short interest reached 3,780,000 shares, marking a substantial decline of 28.9% from the previous month when it was 5,320,000 shares as of September 30th. With an average daily trading volume of around 1,040,000 shares, this results in a short-interest ratio of approximately 3.6 days.

Changes in Institutional Holdings

Several institutional investors have recently adjusted their positions in Cabaletta Bio. For instance, Jennison Associates LLC increased its holding by 110.4% in the first quarter, now owning 3,422,984 shares, which are valued at $58,396,000 after buying an additional 1,796,356 shares in the last quarter. Another notable change was made by Sofinnova Investments Inc., which bolstered its stake by 184.0% during the second quarter and now holds 1,220,400 shares valued at $9,129,000 after acquiring 790,654 new shares. Squarepoint Ops LLC also entered the fray with a new position worth approximately $2,359,000, having increased its holdings by 643.3%. Additionally, E Fund Management Co. Ltd. raised its holdings significantly by 1,610.1%, acquiring 269,675 shares that amount to $2,142,000.

Analysts Update Price Predictions

Various research firms have shared their insights regarding Cabaletta Bio. HC Wainwright reaffirmed a "buy" rating and set a target price of $25.00 in a report dated September 17th. In contrast, Evercore ISI revised their price objective down from $25.00 to $15.00 while maintaining an "outperform" rating as of August 12th. Wells Fargo also lowered its target for the stock from $35.00 to $20.00, continuing to hold an "overweight" rating as of the same day. UBS Group began coverage on Cabaletta Bio on October 10th, rating the stock a "buy" with a target price of $10.00. As a result, ten equity research analysts currently provide a "Buy" rating for the stock, with a consensus target price of $28.10 according to MarketBeat.

Cabaletta Bio's Stock Performance

On NASDAQ, Cabaletta Bio's stock increased by 4.9% during midday trading, reaching $4.10, with a trading volume recorded at 706,858 shares. This contrasts with its average daily volume of 1,089,662 shares. The company's fifty-day and 200-day simple moving averages are currently $4.63 and $7.88 respectively. Over the past year, Cabaletta Bio has seen a low of $3.47 and a high of $26.35, and it holds a market capitalization of approximately $197.94 million with a price-to-earnings ratio of -2.42 and a beta of 2.39.

The last quarterly earnings data released by Cabaletta Bio was on August 8th, where it reported an earnings per share (EPS) of ($0.56), slightly missing the consensus estimate of ($0.55). Analysts expect Cabaletta Bio will post an EPS of -$2.28 for the current fiscal year.

About Cabaletta Bio

Cabaletta Bio, Inc. is a biotechnology company currently in clinical stages, focusing on discovering and developing engineered T cell therapies specifically targeting B cell-mediated autoimmune diseases. The company's lead product candidate is CABA-201, designed as a fully human anti-CD19 binder, which is undergoing Phase 1/2 clinical trials and aims to treat conditions such as dermatomyositis, anti-synthetase syndrome, immune-mediated necrotizing myopathy, lupus nephritis, systemic lupus erythematosus, systemic sclerosis, and generalized myasthenia gravis.

Cabaletta, Bio, Short