Cabaletta Bio (NASDAQ:CABA) Trading Down 8.4% – Time to Sell?

Cabaletta Bio, Inc. (NASDAQ:CABA)’s stock price fell 8.4% during mid-day trading on Wednesday . The company traded as low as $3.02 and last traded at $2.9950. Approximately 3,818,869 shares were traded during mid-day trading, a decline of 1% from the average daily volume of 3,857,512 shares. The stock had previously closed at $3.27.

Wall Street Analyst Weigh In

A number of research firms recently commented on CABA. Wells Fargo & Company decreased their price target on Cabaletta Bio from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 14th. Wall Street Zen downgraded Cabaletta Bio from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cabaletta Bio in a research note on Friday, July 17th. HC Wainwright reissued a “buy” rating and issued a $16.00 price objective on shares of Cabaletta Bio in a research note on Tuesday, September 1st. Finally, TD Cowen upgraded Cabaletta Bio to a “strong-buy” rating in a report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Cabaletta Bio presently has an average rating of “Moderate Buy” and a consensus price target of $15.33.

Cabaletta Bio Price Performance

The company has a market capitalization of $455.21 million, a P/E ratio of -1.72 and a beta of 3.27. The stock’s 50 day simple moving average is $2.95 and its two-hundred day simple moving average is $3.12.

Cabaletta Bio (NASDAQ:CABA) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.03. As a group, equities research analysts expect that Cabaletta Bio, Inc. will post -1.34 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Invesco Ltd. raised its position in shares of Cabaletta Bio by 357.1% during the first quarter. Invesco Ltd. now owns 61,675 shares of the company’s stock worth $85,000 after acquiring an additional 48,181 shares during the last quarter. Comerica Bank boosted its holdings in Cabaletta Bio by 2,292.1% in the first quarter. Comerica Bank now owns 41,599 shares of the company’s stock valued at $58,000 after acquiring an additional 39,860 shares during the last quarter. AQR Capital Management LLC bought a new position in Cabaletta Bio in the first quarter valued at about $102,000. XTX Topco Ltd acquired a new stake in Cabaletta Bio in the second quarter worth about $148,000. Finally, Marshall Wace LLP increased its position in Cabaletta Bio by 470.7% in the second quarter. Marshall Wace LLP now owns 190,957 shares of the company’s stock worth $290,000 after purchasing an additional 157,497 shares during the period.

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.