Morgan Stanley Cuts Cabaletta Bio (NASDAQ:CABA) Price Target to $13.00

Cabaletta Bio (NASDAQ:CABA) had its price target dropped by Morgan Stanley from $14.00 to $13.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 378.65% from the company’s current price.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Cabaletta Bio in a research note on Wednesday, January 21st. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

Cabaletta Bio Trading Down 3.7%

Cabaletta Bio stock traded down $0.10 on Tuesday, reaching $2.72. 620,722 shares of the stock were exchanged, compared to its average volume of 3,116,195. The stock has a market cap of $261.46 million, a PE ratio of -1.07 and a beta of 3.25. Cabaletta Bio has a twelve month low of $0.99 and a twelve month high of $3.78. The firm has a fifty day moving average price of $2.86 and a two-hundred day moving average price of $2.54.

Cabaletta Bio (NASDAQ:CABA) last issued its quarterly earnings results on Monday, March 30th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.05. Equities analysts anticipate that Cabaletta Bio will post -2.34 EPS for the current fiscal year.

Insider Activity at Cabaletta Bio

In related news, CEO Steven Nichtberger acquired 45,000 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were bought at an average price of $2.24 per share, for a total transaction of $100,800.00. Following the acquisition, the chief executive officer owned 1,031,483 shares in the company, valued at $2,310,521.92. This trade represents a 4.56% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Shawn Tomasello acquired 22,725 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were bought at an average cost of $2.21 per share, with a total value of $50,222.25. Following the transaction, the director directly owned 22,725 shares of the company’s stock, valued at $50,222.25. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have purchased 127,668 shares of company stock valued at $286,211. Company insiders own 11.25% of the company’s stock.

Hedge Funds Weigh In On Cabaletta Bio

Several large investors have recently added to or reduced their stakes in CABA. T. Rowe Price Investment Management Inc. lifted its position in shares of Cabaletta Bio by 17.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 9,858,257 shares of the company’s stock worth $21,590,000 after acquiring an additional 1,495,768 shares during the period. Bain Capital Life Sciences Investors LLC increased its position in shares of Cabaletta Bio by 250.5% during 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 period. Jennison Associates LLC lifted its position in Cabaletta Bio by 4.8% in the fourth quarter. Jennison Associates LLC now owns 8,905,699 shares of the company’s stock worth $19,503,000 after purchasing an additional 408,162 shares during the period. Adage Capital Partners GP L.L.C. lifted its position in Cabaletta Bio by 142.9% in 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 period. Finally, Vanguard Group Inc. boosted its stake in Cabaletta Bio by 21.4% during the third quarter. Vanguard Group Inc. now owns 4,190,759 shares of the company’s stock worth $9,806,000 after buying an additional 740,032 shares in the last quarter.

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.