Decibel Therapeutics (NASDAQ:DBTX) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Decibel Therapeutics (NASDAQ:DBTX) from a sell rating to a hold rating in a research report sent to investors on Tuesday, Zacks.com reports.

According to Zacks, “Decibel Therapeutics is a clinical-stage biotechnology company. It engages in discovering and developing transformative treatments to restore and improve hearing and balance. Decibel Therapeutics is based in BOSTON. “

Several other equities research analysts also recently weighed in on the company. Jonestrading started coverage on Decibel Therapeutics in a report on Thursday, December 2nd. They issued a buy rating and a $25.00 price target for the company. SVB Leerink cut their price objective on Decibel Therapeutics from $15.00 to $14.00 and set an outperform rating for the company in a research report on Wednesday, November 10th. HC Wainwright began coverage on Decibel Therapeutics in a research report on Monday, November 15th. They set a buy rating and a $23.00 price target for the company. Citigroup dropped their target price on Decibel Therapeutics from $29.00 to $20.00 and set a buy rating for the company in a report on Thursday, November 11th. Finally, Robert W. Baird started coverage on Decibel Therapeutics in a research note on Thursday, October 21st. They issued an outperform rating and a $21.00 price target on the stock. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $23.25.

Shares of DBTX opened at $4.66 on Tuesday. Decibel Therapeutics has a 1 year low of $4.28 and a 1 year high of $24.39. The company has a 50 day simple moving average of $5.92 and a two-hundred day simple moving average of $7.10.

Decibel Therapeutics (NASDAQ:DBTX) last issued its quarterly earnings results on Wednesday, November 10th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.23). Analysts forecast that Decibel Therapeutics will post -1.91 earnings per share for the current fiscal year.

In other news, insider Anna Trask sold 5,291 shares of the company’s stock in a transaction that occurred on Thursday, December 2nd. The stock was sold at an average price of $6.37, for a total transaction of $33,703.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley acquired a new stake in shares of Decibel Therapeutics during the 1st quarter valued at $84,000. O Shaughnessy Asset Management LLC acquired a new position in shares of Decibel Therapeutics in the second quarter worth $110,000. Bank of New York Mellon Corp increased its stake in shares of Decibel Therapeutics by 124.0% in the second quarter. Bank of New York Mellon Corp now owns 27,310 shares of the company’s stock worth $235,000 after acquiring an additional 15,117 shares during the last quarter. Neuberger Berman Group LLC increased its stake in shares of Decibel Therapeutics by 54.8% in the second quarter. Neuberger Berman Group LLC now owns 43,350 shares of the company’s stock worth $373,000 after acquiring an additional 15,350 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Decibel Therapeutics in the second quarter worth $137,000. Hedge funds and other institutional investors own 69.22% of the company’s stock.

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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