Cabaletta Bio (NASDAQ:CABA) stock is falling on Wednesday following news of insider selling at the targeted cell therapy company.
Gwendolyn Binder, the President of Science and Technology at Cabaletta Bio, is selling some of the company’s shares. The officer is offloading two batches of 11,000 shares of CABA stock with an aggregate market value of $144,320 each. This has the total gross proceeds from the sales coming to about $259,833.
The share sales are depressing CABA stock today, which makes sense. Investors often see share sales as a sign of weak confidence in the company’s stock, even if that’s not the intention of the officer when they sell shares.
What to Know About CABA Stock
While the stock sale has CABA down today, it doesn’t come with much in the way of trading activity. As of this writing, only about 6,000 shares of the company’s stock have been traded. To put that in perspective, its daily average trading volume is closer to about 345,000 shares.
Cabaletta Bio was founded in 2017 and operates out of Philadelphia, Pennsylvania. The company’s shares started trading on the public market following a $100 million initial public offering (IPO) earlier this year. That saw it sell 8,337,500 shares at $12 each. The clinical-stage biotechnology company specializes in the development of targeted cell therapies for patients with autoimmune diseases.
CABA stock is down 8.1% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
