The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Cabaletta Bio Inc. shares valued at $10,152 were purchased by Nichtberger Steven on Oct 19. At $1.25 per share, Nichtberger Steven acquired 8,127 shares. The insider’s holdings grew to 986,483 shares worth approximately $8.43 million following the completion of this transaction.
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Also, Nichtberger Steven purchased 141,873 shares, netting a total of over 141,008 in proceeds. Following the buying of shares at $0.99 each, the insider now holds 978,356 shares.
Before that, Simon Mark had added 118,000 shares to its account. In a trade valued at $115,286, the Director bought Cabaletta Bio Inc. shares for $0.98 each. Upon closing the transaction, the insider’s holdings increased to 118,000 shares, worth approximately $1.16 million.
As published in a research note from Morgan Stanley on January 27, 2023, Cabaletta Bio Inc. [CABA] has been rated up from an Equal-weight to an Overweight and the price target has been revised to $16 from $3. This represents a 46.56% premium over Wednesday’s closing price. Analysts at Morgan Stanley downgraded the stock from ‘”an Overweight”‘ to ‘”an Equal-weight”‘ outlook in a report released in late August. As of December 08, 2021, Wells Fargo has initiated its “an Overweight” rating for CABA.
Analyzing CABA Stock Performance
On Wednesday, Cabaletta Bio Inc. [NASDAQ: CABA] rose 10.04% to $8.55. The stock’s lowest price that day was $7.76, but it reached a high of $8.85 in the same session. During the last five days, there has been a drop of approximately -2.51%. Over the course of the year, Cabaletta Bio Inc. shares have dropped approximately -7.57%. Shares of the company reached a 52-week high of $12.88 on 02/08/23 and a 52-week low of $7.54 on 02/21/23. A 50-day SMA is recorded $9.48, while a 200-day SMA reached $3.59. Nevertheless, trading volume fell to 1.03 million shares from 0.45 million shares the previous day.
Support And Resistance Levels for Cabaletta Bio Inc. (CABA)
According to the 24-hour chart, there is a support level at 7.92, which, if violated, would cause prices to drop to 7.30. In the upper region, resistance lies at 9.01. The next price resistance is at 9.48. RSI (Relative Strength Index) is 40.98 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.08, which suggests the price will decrease in the coming days. Percent R is at 81.12%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Cabaletta Bio Inc. subject to short interest?
Stocks of Cabaletta Bio Inc. saw a sharp steep in short interest on Jan 30, 2023 dropping by -0.14 million shares to 3.39 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 3.53 million shares. A decline of -4.13% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.39 of the overall float, the days-to-cover ratio (short ratio) decline to 4.39.
Which companies own the most shares of Cabaletta Bio Inc. (CABA)?
According to Fred Alger Management LLC filings, the company currently owns 3,478,427 shares, which is about 11.94% of the total CABA shares outstanding. The investor’s shares have appreciated by 2,742,478 from its previous 13-F filing of 735949.0 shares. A total of 448,008 shares of Cabaletta Bio Inc. were bought by Commodore Capital LP during the quarter, and 681,937 were bought by Baker Bros. Advisors LP. In its current portfolio, The Vanguard Group, Inc. holds 919,362 shares valued at $11.21 million.
In terms of Cabaletta Bio Inc. share price expectations, FactSet research, analysts set an average price target of $13.50 in the next 12 months, up nearly 67.31% from the previous closing price of $7.77. Analysts anticipate Cabaletta Bio Inc. stock to reach $18.00 by 2023, with the lowest price target being $10.00. In spite of this, 7 analysts ranked Cabaletta Bio Inc. stock as a Buy at the end of 2023. On June 30, 2021, Mizuho assigned a price target of “a Buy” to the stock and initiated coverage with a $22.