Disc Medicine (NASDAQ:IRON) Trading Up 7% on Analyst Upgrade

Disc Medicine, Inc. (NASDAQ:IRON) shares were up 7% on Tuesday after Scotiabank raised their price target on the stock from $62.00 to $70.00. Scotiabank currently has a sector outperform rating on the stock. Disc Medicine traded as high as $62.73 and last traded at $62.31. Approximately 236,021 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 351,951 shares. The stock had previously closed at $58.25.

Several other brokerages have also commented on IRON. Wedbush reissued an “outperform” rating and issued a $75.00 price target (up previously from $60.00) on shares of Disc Medicine in a report on Monday. HC Wainwright restated a “buy” rating and set a $70.00 price objective on shares of Disc Medicine in a research report on Tuesday. Raymond James raised shares of Disc Medicine from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $66.00 to $110.00 in a research report on Monday. Wells Fargo & Company initiated coverage on Disc Medicine in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $75.00 price objective for the company. Finally, Jefferies Financial Group began coverage on shares of Disc Medicine in a report on Wednesday, October 23rd. They set a “buy” rating and a $89.00 target price on the stock. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $80.20.

Insider Buying and Selling

In other news, Director William Richard White sold 7,136 shares of Disc Medicine stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $58.61, for a total value of $418,240.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 7,538 shares of company stock valued at $437,875 in the last quarter. Company insiders own 4.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IRON. Atlas Venture Life Science Advisors LLC boosted its position in shares of Disc Medicine by 9.7% in the second quarter. Atlas Venture Life Science Advisors LLC now owns 2,509,456 shares of the company’s stock worth $113,101,000 after buying an additional 222,223 shares during the period. Frazier Life Sciences Management L.P. increased its stake in Disc Medicine by 123.5% during the second quarter. Frazier Life Sciences Management L.P. now owns 1,754,834 shares of the company’s stock valued at $79,090,000 after acquiring an additional 969,834 shares during the period. Deerfield Management Company L.P. Series C raised its stake in shares of Disc Medicine by 53.8% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 1,023,265 shares of the company’s stock valued at $46,119,000 after buying an additional 357,730 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Disc Medicine by 59.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 944,213 shares of the company’s stock worth $58,788,000 after buying an additional 353,382 shares during the period. Finally, Logos Global Management LP bought a new stake in Disc Medicine during the second quarter worth about $41,690,000. Institutional investors and hedge funds own 83.70% of the company’s stock.

Disc Medicine Price Performance

The business has a 50 day simple moving average of $49.37 and a 200 day simple moving average of $43.34. The company has a market cap of $1.88 billion, a price-to-earnings ratio of -17.66 and a beta of 0.60.

Disc Medicine (NASDAQ:IRON) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($1.03) EPS for the quarter, topping analysts’ consensus estimates of ($1.11) by $0.08. As a group, sell-side analysts anticipate that Disc Medicine, Inc. will post -4.09 earnings per share for the current fiscal year.

About Disc Medicine

Disc Medicine, Inc, together with its subsidiaries, a clinical-stage biopharmaceutical company, engages in the discovery, development, and commercialization of novel treatments for patients suffering from serious hematologic diseases in the United States. The company has assembled a portfolio of clinical and preclinical product candidates that aim to modify fundamental biological pathways associated with the formation and function of red blood cells, primarily heme biosynthesis and iron homeostasis.