Wells Fargo & Company Cuts Cabaletta Bio (NASDAQ:CABA) Price Target to $12.00

Cabaletta Bio (NASDAQ:CABA) had its target price lowered by Wells Fargo & Company from $20.00 to $12.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Evercore ISI cut their target price on Cabaletta Bio from $25.00 to $15.00 and set an “outperform” rating on the stock in a research note on Monday, August 12th. HC Wainwright reissued a “buy” rating and issued a $25.00 price objective on shares of Cabaletta Bio in a research report on Friday. Finally, UBS Group began coverage on shares of Cabaletta Bio in a research report on Thursday, October 10th. They issued a “buy” rating and a $10.00 target price for the company. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $27.30.

Cabaletta Bio Price Performance

Shares of Cabaletta Bio stock opened at $2.70 on Friday. The firm has a market cap of $131.89 million, a price-to-earnings ratio of -1.26 and a beta of 2.42. The stock’s 50-day moving average is $4.20 and its 200-day moving average is $6.79. Cabaletta Bio has a one year low of $2.61 and a one year high of $26.35.

Hedge Funds Weigh In On Cabaletta Bio

A number of institutional investors have recently added to or reduced their stakes in CABA. Jennison Associates LLC lifted its stake in Cabaletta Bio by 1.6% in the third quarter. Jennison Associates LLC now owns 5,632,681 shares of the company’s stock valued at $26,586,000 after acquiring an additional 86,214 shares during the last quarter. Fred Alger Management LLC raised its holdings in shares of Cabaletta Bio by 63.3% in the 3rd quarter. Fred Alger Management LLC now owns 4,119,394 shares of the company’s stock valued at $19,444,000 after purchasing an additional 1,596,512 shares during the period. Vanguard Group Inc. lifted its stake in Cabaletta Bio by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 2,276,222 shares of the company’s stock valued at $38,832,000 after purchasing an additional 144,291 shares during the last quarter. Sofinnova Investments Inc. grew its holdings in Cabaletta Bio by 184.0% during the second quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company’s stock worth $9,129,000 after purchasing an additional 790,654 shares during the period. Finally, Geode Capital Management LLC increased its position in Cabaletta Bio by 12.8% during the third quarter. Geode Capital Management LLC now owns 1,094,644 shares of the company’s stock worth $5,168,000 after buying an additional 124,071 shares during the last quarter.

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 CABA-201, a fully human anti-CD19 binder for the treatment of Phase 1/2 clinical trials in dermatomyositis, anti-synthetase syndrome, immune-mediated necrotizing myopathy, lupus nephritis, non-renal systemic lupus erythematosus, systemic sclerosis, and generalized myasthenia gravis.