Cabaletta Bio Inc (NASDAQ: CABA) stock jumped 2.98% on Friday to $17.96 against a previous-day closing price of $17.44. With 0.7 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.75 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $18.08 whereas the lowest price it dropped to was $17.07. The 52-week range on CABA shows that it touched its highest point at $19.34 and its lowest point at $3.22 during that stretch. It currently has a 1-year price target of $31.62. Beta for the stock currently stands at 2.49.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CABA was up-trending over the past week, with a rise of 0.45%, but this was up by 36.01% over a month. Three-month performance surged to 31.77% while six-month performance rose 54.30%. The stock gained 375.13% in the past year, while it has gained 94.16% so far this year. A look at the trailing 12-month EPS for CABA yields -1.72 with Next year EPS estimates of -1.74. For the next quarter, that number is -0.39. This implies an EPS growth rate of 10.25% for this year and -7.04% for next year.
Float and Shares Shorts:
At present, 42.85 million CABA shares are outstanding with a float of 33.77 million shares on hand for trading. On Oct 30, 2023, short shares totaled 6.28 million, which was 15.79% higher than short shares on Sep 28, 2023. In addition to Dr. Steven A. Nichtberger M.D. as the firm’s Co-Founder, Chairman, CEO & President, Dr. Gwendolyn K. Binder Ph.D. serves as its President of Science & Technology.
Institutional Ownership:
Through their ownership of 71.96% of CABA’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 9.11% of CABA, in contrast to 56.65% held by mutual funds. Shares owned by individuals account for 28.93%. As the largest shareholder in CABA with 10.70% of the stake, Fred Alger Management LLC holds 4,259,455 shares worth 4,259,455. A second-largest stockholder of CABA, Adage Capital Management LP, holds 3,266,645 shares, controlling over 8.21% of the firm’s shares. Cormorant Asset Management LP is the third largest shareholder in CABA, holding 2,879,424 shares or 7.23% stake. With a 7.13% stake in CABA, the Alger Funds – Small Cap Focus Fun is the largest stakeholder. A total of 2,838,165 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.95% of CABA stock, is the second-largest Mutual Fund holder. It holds 1,172,821 shares valued at 16.72 million. SPDR S&P Biotech ETF holds 2.57% of the stake in CABA, owning 1,023,506 shares worth 14.6 million.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CABA since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CABA analysts setting a high price target of $50.00 and a low target of $25.00, the average target price over the next 12 months is $31.63. Based on these targets, CABA could surge 178.4% to reach the target high and rise by 39.2% to reach the target low. Reaching the average price target will result in a growth of 76.11% from current levels.
Summary of Insider Activity:
Insiders traded CABA stock several times over the past three months with 2 Buys and 4 Sells. In these transactions, 22,000 shares were bought while 22,000 shares were sold. The number of buy transactions has increased to 5 while that of sell transactions has risen to 8 over the past year. The total number of shares bought during that period was 66,000 while 66,000 shares were sold.
