Cabaletta Bio (NASDAQ:CABA) Shares Gap Up After Analyst Upgrade

Cabaletta Bio, Inc. (NASDAQ:CABA) shares gapped up before the market opened on Monday after Wells Fargo & Company raised their price target on the stock from $14.00 to $39.00. The stock had previously closed at $15.81, but opened at $16.17. Wells Fargo & Company currently has an overweight rating on the stock. Cabaletta Bio shares last traded at $16.95, with a volume of 131,598 shares traded.

Other equities analysts also recently issued research reports about the company. Guggenheim reaffirmed a “buy” rating and issued a $34.00 target price on shares of Cabaletta Bio in a research report on Monday, August 14th. HC Wainwright upped their target price on Cabaletta Bio from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, August 11th. Finally, Citigroup started coverage on Cabaletta Bio in a research note on Tuesday, September 5th. They set a “buy” rating and a $22.00 target price for the company. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Cabaletta Bio currently has an average rating of “Buy” and an average price target of $21.00.

Insiders Place Their Bets

In other Cabaletta Bio news, insider Gwendolyn Binder sold 11,000 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $13.42, for a total transaction of $147,620.00. Following the completion of the sale, the insider now directly owns 20,000 shares in the company, valued at approximately $268,400. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 12.33% of the company’s stock.

Institutional Trading of Cabaletta Bio

A number of large investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. acquired a new stake in shares of Cabaletta Bio in the 2nd quarter valued at about $27,000. Barclays PLC grew its stake in shares of Cabaletta Bio by 239.6% in the 4th quarter. Barclays PLC now owns 4,146 shares of the company’s stock valued at $38,000 after buying an additional 2,925 shares during the period. Freedom Wealth Alliance LLC bought a new position in Cabaletta Bio in the 4th quarter valued at about $41,000. California State Teachers Retirement System bought a new position in Cabaletta Bio in the 2nd quarter valued at about $110,000. Finally, Bank of America Corp DE lifted its position in Cabaletta Bio by 622.5% in the 1st quarter. Bank of America Corp DE now owns 8,851 shares of the company’s stock valued at $73,000 after acquiring an additional 7,626 shares in the last quarter.

Cabaletta Bio Trading Up 18.0 %

The firm has a market cap of $742.46 million, a P/E ratio of -10.78 and a beta of 2.55. The company’s 50-day moving average is $13.33 and its two-hundred day moving average is $11.30.

Cabaletta Bio (NASDAQ:CABA) last announced its quarterly earnings results on Thursday, August 10th. The company reported ($0.37) earnings per share for the quarter, beating the consensus estimate of ($0.47) by $0.10. Research analysts anticipate that Cabaletta Bio, Inc. will post -1.51 EPS for the current fiscal year.

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.