Short Interest in Cabaletta Bio, Inc. (NASDAQ:CABA) Expands By 38.2%

Cabaletta Bio, Inc. (NASDAQ:CABA) saw a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 6,220,000 shares, a growth of 38.2% from the November 30th total of 4,500,000 shares. Based on an average daily volume of 2,280,000 shares, the days-to-cover ratio is currently 2.7 days.

Cabaletta Bio Price Performance

Shares of NASDAQ CABA traded down $0.05 during mid-day trading on Monday, reaching $2.24. The company’s stock had a trading volume of 1,236,808 shares, compared to its average volume of 1,424,783. Cabaletta Bio has a 52 week low of $1.76 and a 52 week high of $26.35. The stock has a fifty day moving average of $3.28 and a two-hundred day moving average of $5.02. The firm has a market capitalization of $109.48 million, a PE ratio of -1.04 and a beta of 2.37.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Cabaletta Bio by 65.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 9,395 shares of the company’s stock valued at $44,000 after purchasing an additional 3,724 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Cabaletta Bio by 8.0% during the second quarter. The Manufacturers Life Insurance Company now owns 56,424 shares of the company’s stock valued at $422,000 after buying an additional 4,191 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Cabaletta Bio during the 3rd quarter valued at approximately $32,000. Point72 DIFC Ltd bought a new stake in Cabaletta Bio in the 3rd quarter worth approximately $33,000. Finally, TD Asset Management Inc increased its position in Cabaletta Bio by 5.5% in the second quarter. TD Asset Management Inc now owns 134,030 shares of the company’s stock worth $1,003,000 after purchasing an additional 7,000 shares during the last quarter.

Wall Street Analyst Weigh In

CABA has been the subject of a number of research reports. HC Wainwright reiterated a “buy” rating and set a $25.00 price objective on shares of Cabaletta Bio in a research report on Friday, November 15th. Evercore ISI lowered shares of Cabaletta Bio from an “outperform” rating to an “inline” rating and reduced their price target for the company from $15.00 to $6.00 in a research report on Friday, December 20th. William Blair reiterated an “outperform” rating on shares of Cabaletta Bio in a research note on Monday, November 18th. UBS Group started coverage on shares of Cabaletta Bio in a research report on Thursday, October 10th. They set a “buy” rating and a $10.00 target price for the company. Finally, Wells Fargo & Company downgraded shares of Cabaletta Bio from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $12.00 to $6.00 in a research report on Thursday, December 19th. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $24.38.

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.