Cabaletta Bio (NASDAQ:CABA) Stock Price Up 7.9%

Cabaletta Bio, Inc. (NASDAQ:CABA) rose 7.9% during mid-day trading on Monday . The stock traded as high as $15.02 and last traded at $14.95. Approximately 78,930 shares traded hands during trading, a decline of 84% from the average daily volume of 483,739 shares. The stock had previously closed at $13.86.

Analysts Set New Price Targets

CABA has been the topic of several research analyst reports. Citigroup initiated coverage on shares of Cabaletta Bio in a research note on Tuesday, September 5th. They set a “buy” rating and a $22.00 target price on the stock. HC Wainwright increased their target price on shares of Cabaletta Bio from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, August 11th. Finally, Guggenheim reissued a “buy” rating and set a $34.00 target price on shares of Cabaletta Bio in a research note on Monday, August 14th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Cabaletta Bio presently has an average rating of “Buy” and a consensus price target of $17.88.

Cabaletta Bio Stock Up 11.7 %

The stock has a market capitalization of $616.18 million, a P/E ratio of -8.82 and a beta of 2.55. The business’s 50 day simple moving average is $13.01 and its two-hundred day simple moving average is $11.06.

Cabaletta Bio (NASDAQ:CABA) last released its quarterly earnings data on Thursday, August 10th. The company reported ($0.37) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.10. Analysts predict that Cabaletta Bio, Inc. will post -1.51 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Gwendolyn Binder sold 11,000 shares of the business’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $13.42, for a total transaction of $147,620.00. Following the transaction, the insider now directly owns 20,000 shares in the company, valued at $268,400. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 33,000 shares of company stock worth $442,530. 12.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CABA. Fred Alger Management LLC boosted its holdings in Cabaletta Bio by 445.6% during the first quarter. Fred Alger Management LLC now owns 4,015,310 shares of the company’s stock worth $33,207,000 after purchasing an additional 3,279,361 shares during the last quarter. Bain Capital Life Sciences Investors LLC bought a new stake in Cabaletta Bio in the second quarter worth about $25,820,000. VR Adviser LLC bought a new stake in Cabaletta Bio in the fourth quarter worth about $17,531,000. BlackRock Inc. raised its position in Cabaletta Bio by 637.1% in the second quarter. BlackRock Inc. now owns 1,709,718 shares of the company’s stock worth $22,072,000 after acquiring an additional 1,477,768 shares during the period. Finally, Commodore Capital LP raised its position in Cabaletta Bio by 81.6% in the first quarter. Commodore Capital LP now owns 1,835,000 shares of the company’s stock worth $15,175,000 after acquiring an additional 824,641 shares during the period.

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 DSG3-CAART, which is in Phase I clinical trial for the treatment of mucosal pemphigus vulgaris, an autoimmune blistering skin disease.