Decibel Therapeutics, Inc. to Post Q1 2023 Earnings of ($0.28) Per Share, SVB Leerink Forecasts (NASDAQ:DBTX)

Decibel Therapeutics, Inc. (NASDAQ:DBTX – Get Rating) – Equities researchers at SVB Leerink lifted their Q1 2023 earnings per share estimates for shares of Decibel Therapeutics in a note issued to investors on Wednesday, March 15th. SVB Leerink analyst M. Foroohar now anticipates that the company will earn ($0.28) per share for the quarter, up from their prior forecast of ($0.30). SVB Leerink currently has a “Market Perform” rating and a $2.00 price target on the stock. The consensus estimate for Decibel Therapeutics’ current full-year earnings is ($1.21) per share. SVB Leerink also issued estimates for Decibel Therapeutics’ Q2 2023 earnings at ($0.28) EPS, Q3 2023 earnings at ($0.28) EPS, Q4 2023 earnings at ($0.28) EPS, FY2023 earnings at ($1.11) EPS and FY2024 earnings at ($2.72) EPS.

DBTX has been the subject of a number of other research reports. HC Wainwright reiterated a “buy” rating and set a $23.00 price objective on shares of Decibel Therapeutics in a research report on Wednesday. SVB Securities lowered Decibel Therapeutics from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $7.00 to $2.00 in a research report on Wednesday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Decibel Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.80.

Decibel Therapeutics Trading Down 10.5 %

Shares of DBTX opened at $3.34 on Friday. The company has a 50-day moving average of $3.67 and a two-hundred day moving average of $3.48. The stock has a market cap of $83.40 million, a P/E ratio of -1.33 and a beta of -0.02. Decibel Therapeutics has a 12-month low of $1.61 and a 12-month high of $5.78.

Hedge Funds Weigh In On Decibel Therapeutics

Large investors have recently bought and sold shares of the stock. Alphabet Inc. purchased a new stake in Decibel Therapeutics in the 3rd quarter worth approximately $5,661,000. BlackRock Inc. boosted its holdings in Decibel Therapeutics by 73.1% in the first quarter. BlackRock Inc. now owns 1,897,223 shares of the company’s stock worth $5,768,000 after purchasing an additional 801,010 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in Decibel Therapeutics during the second quarter valued at about $947,000. Millennium Management LLC lifted its position in shares of Decibel Therapeutics by 54.0% in the fourth quarter. Millennium Management LLC now owns 488,783 shares of the company’s stock worth $1,002,000 after buying an additional 171,491 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Decibel Therapeutics during the 4th quarter worth about $184,000. Institutional investors and hedge funds own 71.88% of the company’s stock.

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.