Decibel Therapeutics Inc (DBTX)

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Decibel Therapeutics Shares Continue to Rally After Good Study Data >DBTX
12:58 pm ET June 29, 2022 (Dow Jones) Print

By Colin Kellaher


Shares of Decibel Therapeutics Inc. surged more than 30% on Wednesday, extending Tuesday's gains after the clinical-stage biotechnology company reported positive study results.

The Boston company on Tuesday said interim data from a Phase 1b study of DB-020 support continued development of the drug in the protection against ototoxicity, or hearing loss, in cancer patients receiving cisplatin chemotherapy.

Decibel said 87% of patients who experienced ototoxicity in their placebo-treated ear were protected from the side effect in their ear treated with DB-020.

In a research note, Citi analyst Neena Bitritto-Garg, who has a "buy" rating and a $15 target price on Decibel shares, said the study data mark "a clear win" the company.

The analyst also noted that Decibel remains focused on its earlier-stage gene-therapy portfolio, with an ultimate goal of licensing DB-020 to a company with an oncology sales force.

Decibel shares, which rose 18.3% on Tuesday, were recently changing hands at $3.52, up 32.9%.


Write to Colin Kellaher at [e-mail]


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