Short Interest in Cabaletta Bio, Inc. Decreases Significantly

Cabaletta Bio, Inc. (NASDAQ:CABA - Get Free Report) experienced a notable reduction in short interest in October. By October 15th, the total short interest was reported at 3,780,000 shares, reflecting a significant decrease of 28.9% from the previous month’s figure of 5,320,000 shares as of September 30th. At the current average daily trading volume of 1,040,000 shares, the short-interest ratio stands at 3.6 days.

Institutional Investors Adjust Their Holdings

Several large investors have recently made adjustments to their holdings in Cabaletta Bio. For instance, Jennison Associates LLC increased its investment in Cabaletta Bio by 110.4% in the first quarter, owning now a total of 3,422,984 shares valued at approximately $58,396,000 after adding 1,796,356 shares in the last quarter. Similarly, Sofinnova Investments Inc. raised its stake by 184.0% during the second quarter, acquiring a total of 1,220,400 shares worth $9,129,000 following an additional purchase of 790,654 shares. Furthermore, Panagora Asset Management Inc. initiated a new position in Cabaletta Bio during the same quarter valued at about $2,243,000. Squarepoint Ops LLC significantly increased its holdings by 643.3%, now owning 315,379 shares valued at $2,359,000 after purchasing an extra 272,948 shares last quarter. E Fund Management Co. Ltd. also boosted its position by a remarkable 1,610.1%, bringing its total to 286,424 shares valued at $2,142,000 after an additional acquisition of 269,675 shares.

Analysts Update Price Predictions

Various research firms have recently reviewed Cabaletta Bio. HC Wainwright maintained a "buy" rating and set a target price of $25.00 for the stock in a report dated September 17th. On the other hand, Evercore ISI revised its price target down from $25.00 to $15.00, maintaining an "outperform" rating. Wells Fargo & Company also lowered its target price from $35.00 to $20.00 while assigning an "overweight" rating. Additionally, UBS Group began coverage on Cabaletta Bio on October 10th, giving it a "buy" rating with a target price of $10.00. As per MarketBeat, ten equity research analysts have rated Cabaletta Bio with a "buy" rating, and the average target price is $28.10.

Cabaletta Bio Stock Performance

During midday trading on Monday, NASDAQ:CABA saw a rise of 4.9%, increasing by $0.19 to reach $4.10. The trading volume stood at 706,858 shares, which is lower than the average volume of 1,089,662. The stock has a fifty-day simple moving average of $4.63 and a 200-day simple moving average of $7.88. Over the past year, Cabaletta Bio's stock hit a low of $3.47 and a high of $26.35, with a market capitalization of $197.94 million. The company has a current price-to-earnings ratio of -2.42 and a beta of 2.39.

In its latest quarterly earnings report on August 8th, Cabaletta Bio announced an earnings per share (EPS) of ($0.56), which was slightly worse than the consensus estimate of ($0.55). analysts anticipate that Cabaletta Bio will report an EPS of -2.28 for the current year.

Overview of Cabaletta Bio

Cabaletta Bio, Inc. is a biotechnology company in the clinical-stage that concentrates on discovering and developing engineered T cell therapies designed for patients suffering from B cell-mediated autoimmune diseases. Its leading product candidate, CABA-201, is a fully human anti-CD19 binder currently being tested in Phase 1/2 clinical trials focused on conditions such as dermatomyositis, anti-synthetase syndrome, immune-mediated necrotizing myopathy, lupus nephritis, systemic lupus erythematosus, systemic sclerosis, and generalized myasthenia gravis.

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