Zimmer Partners LP acquired a new stake in shares of Decibel Therapeutics, Inc. (NASDAQ:DBTX) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 50,000 shares of the company’s stock, valued at approximately $568,000.
A number of other institutional investors also recently modified their holdings of the business. UBS Group AG purchased a new stake in shares of Decibel Therapeutics in the 1st quarter worth about $34,000. American International Group Inc. purchased a new stake in shares of Decibel Therapeutics in the 1st quarter worth about $47,000. New York State Common Retirement Fund purchased a new stake in shares of Decibel Therapeutics in the 1st quarter worth about $77,000. Morgan Stanley purchased a new stake in shares of Decibel Therapeutics in the 1st quarter worth about $84,000. Finally, Caas Capital Management LP purchased a new stake in shares of Decibel Therapeutics in the 1st quarter worth about $114,000. 73.45% of the stock is currently owned by institutional investors and hedge funds.
DBTX stock traded up $0.16 during trading on Thursday, hitting $7.19. 27,269 shares of the stock traded hands, compared to its average volume of 183,762. Decibel Therapeutics, Inc. has a 1 year low of $6.18 and a 1 year high of $24.39. The stock has a 50 day simple moving average of $8.07.
A number of analysts have recently weighed in on DBTX shares. SVB Leerink reaffirmed a “buy” rating on shares of Decibel Therapeutics in a research report on Monday, May 31st. Zacks Investment Research raised shares of Decibel Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, July 13th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $27.20.
About Decibel Therapeutics
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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