Cabaletta Bio (NASDAQ:CABA) Announces Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Cabaletta Bio (NASDAQ:CABA – Get Rating) posted its quarterly earnings results on Thursday. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.08, MarketWatch Earnings reports.

NASDAQ CABA opened at $1.49 on Friday. The company has a 50 day moving average price of $1.74 and a two-hundred day moving average price of $4.84. Cabaletta Bio has a 12-month low of $1.17 and a 12-month high of $14.95.

Several research analysts recently weighed in on the company. Mizuho dropped their price target on Cabaletta Bio from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, March 18th. Zacks Investment Research lowered Cabaletta Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, February 15th. Finally, HC Wainwright reduced their price target on Cabaletta Bio from $22.00 to $11.00 and set a “buy” rating for the company in a report on Friday, March 18th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $15.88.

Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in shares of Cabaletta Bio by 102.5% in the second quarter. Bank of America Corp DE now owns 20,205 shares of the company’s stock valued at $174,000 after purchasing an additional 10,227 shares during the period. Bank of New York Mellon Corp increased its position in Cabaletta Bio by 120.2% during the first quarter. Bank of New York Mellon Corp now owns 22,674 shares of the company’s stock worth $46,000 after acquiring an additional 12,379 shares during the period. Cubist Systematic Strategies LLC increased its position in Cabaletta Bio by 112.4% during the fourth quarter. Cubist Systematic Strategies LLC now owns 22,880 shares of the company’s stock worth $87,000 after acquiring an additional 12,106 shares during the period. Walleye Trading LLC bought a new position in Cabaletta Bio during the fourth quarter worth $87,000. Finally, Northern Trust Corp increased its position in Cabaletta Bio by 17.4% during the fourth quarter. Northern Trust Corp now owns 29,307 shares of the company’s stock worth $111,000 after acquiring an additional 4,337 shares during the period. 62.75% of the stock is currently owned by institutional investors.

About Cabaletta Bio (Get Rating)

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. Its proprietary technology utilizes chimeric autoantibody receptor (CAAR) T cells that are designed to selectively bind and eliminate B cells, which produce disease-causing autoantibodies or pathogenic B cells.

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