Decibel Therapeutics (NASDAQ:DBTX) Trading Down 12.5%

Posted by Defense World Staff on Apr 11th, 2023

Decibel Therapeutics, Inc. (NASDAQ:DBTX – Get Rating) fell 12.5% on Monday . The stock traded as low as $2.71 and last traded at $2.72. 43,578 shares changed hands during trading, a decline of 53% from the average session volume of 93,222 shares. The stock had previously closed at $3.11.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on DBTX shares. SVB Securities downgraded Decibel Therapeutics from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $7.00 to $2.00 in a research note on Wednesday, March 15th. SVB Leerink cut Decibel Therapeutics from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $7.00 to $2.00 in a report on Wednesday, March 15th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $23.00 price target on shares of Decibel Therapeutics in a report on Wednesday, March 15th.

Decibel Therapeutics Price Performance

The stock’s fifty day moving average is $3.70 and its 200-day moving average is $3.24. The stock has a market capitalization of $68.03 million, a PE ratio of -1.08 and a beta of -0.14.

Institutional Investors Weigh In On Decibel Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC raised its holdings in shares of Decibel Therapeutics by 54.0% in the 4th quarter. Millennium Management LLC now owns 488,783 shares of the company’s stock valued at $1,002,000 after buying an additional 171,491 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Decibel Therapeutics in the 4th quarter worth $184,000. Renaissance Technologies LLC boosted its holdings in shares of Decibel Therapeutics by 12.7% in the fourth quarter. Renaissance Technologies LLC now owns 36,394 shares of the company’s stock valued at $75,000 after acquiring an additional 4,094 shares in the last quarter. Geode Capital Management LLC increased its position in Decibel Therapeutics by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 115,567 shares of the company’s stock worth $236,000 after purchasing an additional 4,170 shares during the period. Finally, Alphabet Inc. purchased a new position in shares of Decibel Therapeutics during the 3rd quarter worth approximately $5,661,000. Institutional investors and hedge funds own 71.88% of the company’s stock.

Decibel Therapeutics Company Profile

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Decibel Therapeutics, Inc, a clinical-stage biotechnology company, engages in discovering and developing transformative treatments for hearing and balance disorders. Its product candidates and programs focuses on three areas, such as Gene Therapies for Congenital, Monogenic Hearing Loss designed to restore functional cells within the cochlea to address hearing disorders caused by single gene mutations; Gene Therapies for Hair Cell Regeneration designed to replace lost hair cells within the inner ear to address acquired hearing loss and balance disorders; and Otoprotection Therapeutic in clinical development to prevent hearing loss in cancer patients undergoing chemotherapy with cisplatin.

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