Heights Capital Management Inc. Sells 1,059,904 Shares of Cabaletta Bio, Inc. $CABA

Heights Capital Management Inc. trimmed its position in shares of Cabaletta Bio, Inc. (NASDAQ:CABA) by 33.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,084,202 shares of the company’s stock after selling 1,059,904 shares during the quarter. Cabaletta Bio accounts for approximately 1.3% of Heights Capital Management Inc.’s portfolio, making the stock its 14th largest holding. Heights Capital Management Inc. owned about 2.17% of Cabaletta Bio worth $4,877,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CABA. Bain Capital Life Sciences Investors LLC raised its holdings in shares of Cabaletta Bio by 250.5% in the second quarter. Bain Capital Life Sciences Investors LLC now owns 9,677,125 shares of the company’s stock valued at $14,709,000 after purchasing an additional 6,916,237 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in Cabaletta Bio by 142.9% during the second quarter. Adage Capital Partners GP L.L.C. now owns 8,829,758 shares of the company’s stock worth $13,421,000 after purchasing an additional 5,195,285 shares during the last quarter. Vanguard Group Inc. grew its position in Cabaletta Bio by 21.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,190,759 shares of the company’s stock worth $9,806,000 after purchasing an additional 740,032 shares in the last quarter. Woodline Partners LP grew its position in Cabaletta Bio by 75.2% in the 3rd quarter. Woodline Partners LP now owns 2,135,348 shares of the company’s stock worth $4,997,000 after purchasing an additional 916,884 shares in the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in Cabaletta Bio in the 2nd quarter valued at about $3,036,000.

Insider Activity at Cabaletta Bio

In related news, insider Steve Gavel bought 22,170 shares of the company’s stock in a transaction on Wednesday, January 21st. The shares were purchased at an average cost of $2.27 per share, for a total transaction of $50,325.90. Following the completion of the purchase, the insider directly owned 22,170 shares in the company, valued at $50,325.90. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark Simon bought 11,061 shares of Cabaletta Bio stock in a transaction dated Wednesday, January 21st. The shares were bought at an average cost of $2.28 per share, with a total value of $25,219.08. Following the completion of the transaction, the director directly owned 147,205 shares in the company, valued at approximately $335,627.40. This trade represents a 8.12% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have acquired 127,668 shares of company stock worth $286,211. 11.25% of the stock is currently owned by corporate insiders.

Cabaletta Bio Price Performance

Shares of Cabaletta Bio stock opened at $3.10 on Wednesday. The firm has a market cap of $298.42 million, a PE ratio of -1.23 and a beta of 3.24. Cabaletta Bio, Inc. has a 1 year low of $0.99 and a 1 year high of $3.78. The stock has a fifty day moving average price of $2.80 and a 200-day moving average price of $2.50.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Cabaletta Bio in a research report on Wednesday, January 21st. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cabaletta Bio has a consensus rating of “Moderate Buy” and a consensus price target of $16.25.

About Cabaletta Bio

Cabaletta Bio is a clinical-stage biotechnology company pioneering chimeric autoantibody receptor T cell (CAAR-T) therapies for B cell–mediated autoimmune diseases. Its proprietary platform engineers patient-derived T cells to selectively target and eliminate pathogenic B cells that produce disease-driving autoantibodies, with the aim of preserving overall immune function and reducing off-target toxicity.

The company’s lead candidate, DSG3-CAART, is being evaluated in pemphigus vulgaris, a rare blistering disorder caused by autoantibodies against desmoglein 3.