Hearing loss biotech Decibel makes a lackluster public debut
The Boston company, which is working to develop gene therapies, raised $127 million in an IPO, but its stock price closed up just three cents on Friday.
By Jonathan Saltzman Globe Staff,Updated February 12, 2021, 9:51 a.m.
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Laurence Reid is chief executive of Decibel Therapeutics in Boston.Decibel Therapeutics
After raising $127 million in an initial public offering on Friday, Boston biotech Decibel Therapeutics had a lackluster opening day of trading, with its stock price closing virtually flat.
Decibel, which is developing gene therapies for hearing and balance disorders, had originally filed to sell 5.9 million shares on the Nasdaq exchange. But it ended up offering 7.1 million shares at $18, the high end of the expected range of $16 to $18. It closed Friday at $18.03, an increase of just three cents. The company is listed under the symbol DBTX.