Cabaletta Bio, Inc. (NASDAQ:CABA) Sees Significant Decrease in Short Interest

Cabaletta Bio, Inc. (NASDAQ:CABA) was the target of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 5,320,000 shares, a decline of 16.7% from the September 15th total of 6,390,000 shares. Based on an average daily trading volume, of 1,050,000 shares, the short-interest ratio is presently 5.1 days.

Analyst Upgrades and Downgrades

CABA has been the subject of a number of research reports. Wells Fargo & Company reduced their target price on shares of Cabaletta Bio from $35.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, August 12th. UBS Group started coverage on Cabaletta Bio in a research note on Thursday, October 10th. They issued a “buy” rating and a $10.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $25.00 target price on shares of Cabaletta Bio in a research report on Tuesday, September 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $50.00 price target on shares of Cabaletta Bio in a report on Friday, June 21st. Finally, Evercore ISI decreased their price objective on Cabaletta Bio from $25.00 to $15.00 and set an “outperform” rating on the stock in a research note on Monday, August 12th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cabaletta Bio presently has an average rating of “Buy” and an average target price of $28.10.

Cabaletta Bio Price Performance

Shares of NASDAQ CABA traded up $0.17 during mid-day trading on Wednesday, reaching $4.50. The company’s stock had a trading volume of 504,475 shares, compared to its average volume of 1,094,222. Cabaletta Bio has a 52 week low of $3.47 and a 52 week high of $26.35. The stock has a fifty day moving average of $4.67 and a two-hundred day moving average of $8.61. The firm has a market capitalization of $217.25 million, a PE ratio of -2.53 and a beta of 2.39.

Cabaletta Bio (NASDAQ:CABA) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.01). Analysts anticipate that Cabaletta Bio will post -2.28 EPS for the current fiscal year.

Institutional Trading of Cabaletta Bio

A number of institutional investors and hedge funds have recently bought and sold shares of CABA. Jennison Associates LLC raised its holdings in shares of Cabaletta Bio by 110.4% during the 1st quarter. Jennison Associates LLC now owns 3,422,984 shares of the company’s stock worth $58,396,000 after acquiring an additional 1,796,356 shares in the last quarter. Vanguard Group Inc. raised its stake in Cabaletta Bio by 6.8% during the first quarter. Vanguard Group Inc. now owns 2,276,222 shares of the company’s stock valued at $38,832,000 after purchasing an additional 144,291 shares in the last quarter. Sofinnova Investments Inc. lifted its position in Cabaletta Bio by 184.0% during the second quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company’s stock valued at $9,129,000 after purchasing an additional 790,654 shares during the last quarter. Millennium Management LLC grew its stake in shares of Cabaletta Bio by 24.8% in the 2nd quarter. Millennium Management LLC now owns 698,317 shares of the company’s stock worth $5,223,000 after buying an additional 138,950 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Cabaletta Bio by 70.7% in the 2nd quarter. Victory Capital Management Inc. now owns 634,217 shares of the company’s stock worth $4,744,000 after buying an additional 262,594 shares in the last quarter.

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.