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

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

Several other equities research analysts have also recently commented on 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 initiated coverage on shares of Cabaletta Bio in a report on Thursday, October 10th. They set 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 data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $27.30.

Cabaletta Bio Price Performance

Shares of CABA traded down $0.75 during midday trading on Friday, hitting $3.03. The stock had a trading volume of 3,853,207 shares, compared to its average volume of 1,089,786. The firm has a market cap of $148.02 million, a price-to-earnings ratio of -1.59 and a beta of 2.42. The company has a 50 day simple moving average of $4.23 and a two-hundred day simple moving average of $6.92. Cabaletta Bio has a twelve month low of $2.96 and a twelve month high of $26.35.

Hedge Funds Weigh In On Cabaletta Bio

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of Cabaletta Bio by 12.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,094,644 shares of the company’s stock worth $5,168,000 after acquiring an additional 124,071 shares during the period. Barclays PLC boosted its holdings in shares of Cabaletta Bio by 48.2% during the third quarter. Barclays PLC now owns 61,130 shares of the company’s stock worth $288,000 after acquiring an additional 19,891 shares during the period. XTX Topco Ltd increased its position in Cabaletta Bio by 490.2% during the 3rd quarter. XTX Topco Ltd now owns 87,455 shares of the company’s stock worth $413,000 after buying an additional 72,638 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of Cabaletta Bio during the third quarter worth $33,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of Cabaletta Bio in the third quarter valued at about $3,150,000.

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.