Cabaletta Bio (NASDAQ:CABA) Given New $12.00 Price Target at Wells Fargo & Company

Cabaletta Bio (NASDAQ:CABA) had its price target reduced by research analysts at Wells Fargo & Company from $20.00 to $12.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 288.35% from the company’s previous close.

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

Cabaletta Bio Trading Down 18.3 %

NASDAQ:CABA traded down $0.69 on Friday, hitting $3.09. 3,133,367 shares of the stock were exchanged, compared to its average volume of 1,086,391. The stock has a fifty day moving average of $4.25 and a 200-day moving average of $6.98. The stock has a market cap of $150.95 million, a PE ratio of -1.63 and a beta of 2.42. Cabaletta Bio has a fifty-two week low of $2.96 and a fifty-two week high of $26.35.

Institutional Trading of Cabaletta Bio

A number of hedge funds have recently made changes to their positions in the stock. Jennison Associates LLC increased its position in shares of Cabaletta Bio by 1.6% in the 3rd quarter. Jennison Associates LLC now owns 5,632,681 shares of the company’s stock worth $26,586,000 after purchasing an additional 86,214 shares during the last quarter. Fred Alger Management LLC grew its stake in Cabaletta Bio by 63.3% in the third quarter. Fred Alger Management LLC now owns 4,119,394 shares of the company’s stock worth $19,444,000 after purchasing an additional 1,596,512 shares in the last quarter. Vanguard Group Inc. increased its holdings in Cabaletta Bio by 6.8% in the first quarter. Vanguard Group Inc. now owns 2,276,222 shares of the company’s stock valued at $38,832,000 after buying an additional 144,291 shares during the last quarter. Sofinnova Investments Inc. raised its stake in Cabaletta Bio by 184.0% during the second quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company’s stock valued at $9,129,000 after buying an additional 790,654 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Cabaletta Bio by 24.8% during the 2nd quarter. Millennium Management LLC now owns 698,317 shares of the company’s stock worth $5,223,000 after buying an additional 138,950 shares during the last quarter.

About Cabaletta Bio

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.