DBTX > 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 colin.kellaher@wsj.com
(END) Dow Jones Newswires
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