Cabaletta Bio (NASDAQ:CABA) Sees Unusually-High Trading Volume

Cabaletta Bio, Inc. (NASDAQ:CABA) shares saw unusually-high trading volume on Monday . Approximately 2,152,087 shares traded hands during trading, an increase of 117% from the previous session’s volume of 991,790 shares.The stock last traded at $10.85 and had previously closed at $11.01.

Wall Street Analyst Weigh In

A number of brokerages have commented on CABA. Jefferies Financial Group started coverage on Cabaletta Bio in a research note on Monday, February 5th. They issued a “buy” rating and a $36.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $50.00 price objective on shares of Cabaletta Bio in a report on Friday, April 5th. HC Wainwright boosted their price objective on Cabaletta Bio from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Wells Fargo & Company raised their price target on Cabaletta Bio from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Friday, March 22nd. Finally, Citigroup boosted their price objective on Cabaletta Bio from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $34.33.

Cabaletta Bio Stock Performance

The stock has a market cap of $490.57 million, a P/E ratio of -6.05 and a beta of 2.42. The stock has a 50-day moving average price of $18.48 and a 200-day moving average price of $18.87.

Cabaletta Bio (NASDAQ:CABA) last announced its earnings results on Thursday, March 21st. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.07). Sell-side analysts forecast that Cabaletta Bio, Inc. will post -1.82 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cabaletta Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Cabaletta Bio by 14.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,968,108 shares of the company’s stock worth $29,955,000 after acquiring an additional 246,596 shares during the last quarter. Swiss National Bank purchased a new position in Cabaletta Bio during the 3rd quarter valued at about $930,000. Citigroup Inc. increased its holdings in Cabaletta Bio by 552.4% during the 3rd quarter. Citigroup Inc. now owns 49,695 shares of the company’s stock valued at $756,000 after purchasing an additional 42,078 shares during the period. Jennison Associates LLC raised its position in Cabaletta Bio by 14.4% during the 4th quarter. Jennison Associates LLC now owns 1,626,628 shares of the company’s stock valued at $36,924,000 after purchasing an additional 204,261 shares during the last quarter. Finally, Wellington Management Group LLP bought a new stake in Cabaletta Bio in the third quarter worth $3,753,000.

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.