Decibel Therapeutics (NASDAQ:DBTX) Cut to “Market Perform” at SVB Leerink

Decibel Therapeutics (NASDAQ:DBTX – Get Rating) was downgraded by equities researchers at SVB Leerink from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They presently have a $2.00 price target on the stock, down from their prior price target of $7.00. SVB Leerink’s price target indicates a potential downside of 46.38% from the stock’s current price.

Other analysts have also issued reports about the company. SVB Securities lowered Decibel Therapeutics from an “outperform” rating to a “market perform” rating and cut their price target for the company from $7.00 to $2.00 in a research note on Wednesday. HC Wainwright reissued a “buy” rating and set a $23.00 price target on shares of Decibel Therapeutics in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $8.80.

Decibel Therapeutics Trading Up 6.3 %

Shares of DBTX stock opened at $3.73 on Wednesday. The business’s 50-day moving average price is $3.65 and its 200-day moving average price is $3.48. Decibel Therapeutics has a 12 month low of $1.61 and a 12 month high of $5.78. The firm has a market capitalization of $93.14 million, a price-to-earnings ratio of -1.57 and a beta of -0.02.

Hedge Funds Weigh In On Decibel Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its stake 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 worth $75,000 after acquiring an additional 4,094 shares during the period. Geode Capital Management LLC lifted its stake in shares of Decibel Therapeutics by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 115,567 shares of the company’s stock worth $236,000 after acquiring an additional 4,170 shares during the period. Bank of America Corp DE lifted its stake in shares of Decibel Therapeutics by 36.2% in the first quarter. Bank of America Corp DE now owns 18,689 shares of the company’s stock worth $56,000 after acquiring an additional 4,966 shares during the period. Federated Hermes Inc. increased its holdings in Decibel Therapeutics by 33.3% in the second quarter. Federated Hermes Inc. now owns 20,000 shares of the company’s stock worth $84,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Decibel Therapeutics by 1,799.0% in the third quarter. Tower Research Capital LLC TRC now owns 11,698 shares of the company’s stock worth $41,000 after purchasing an additional 11,082 shares in the last quarter. 71.88% of the stock is owned by institutional investors and hedge funds.

About Decibel Therapeutics

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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.