Decibel Therapeutics downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis downgraded Decibel Therapeutics (DBTX) to Neutral from Buy after Decibel announced it has agreed to be acquired by Regeneron (REGN) for $4.00 per share along with a non-tradeable contingent value right, or CVR, to receive up to $3.50 per share in cash subsequent achievement of certain milestones related to DB-OTO. At a time when the gene therapy space has seen continued volatility, the firm says it is “encouraged by today’s announcement” and believes the deal “reinforces the rationale, innovative, and effective approach that gene therapy represents, particularly for hearing loss.”