Disc Medicine (NASDAQ:IRON) Sees Large Volume Increase After Analyst Upgrade

Disc Medicine, Inc. (NASDAQ:IRON) saw an uptick in trading volume on Thursday after Stifel Nicolaus raised their price target on the stock from $90.00 to $94.00. Stifel Nicolaus currently has a buy rating on the stock. 647,136 shares were traded during mid-day trading, an increase of 69% from the previous session’s volume of 383,964 shares.The stock last traded at $55.98 and had previously closed at $58.50.

A number of other equities analysts have also weighed in on IRON. Morgan Stanley upgraded shares of Disc Medicine from an “equal weight” rating to an “overweight” rating and set a $85.00 price target on the stock in a research report on Tuesday, November 5th. Jefferies Financial Group began coverage on Disc Medicine in a research report on Wednesday, October 23rd. They issued a “buy” rating and a $89.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price objective on shares of Disc Medicine in a research report on Tuesday, October 15th. Raymond James upgraded 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 report on Monday, November 4th. Finally, Wedbush reissued an “outperform” rating and set a $90.00 price target (up previously from $83.00) on shares of Disc Medicine in a research report on Tuesday. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $88.90.

Insider Activity at Disc Medicine

In other Disc Medicine news, Director William Richard White sold 1,957 shares of Disc Medicine stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $64.63, for a total transaction of $126,480.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider William Jacob Savage sold 9,158 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $59.64, for a total transaction of $546,183.12. Following the completion of the transaction, the insider now owns 40,405 shares in the company, valued at approximately $2,409,754.20. This represents a 18.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 85,758 shares of company stock worth $5,400,990. Company insiders own 4.24% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank lifted its stake in Disc Medicine by 76.9% during the 2nd quarter. Amalgamated Bank now owns 568 shares of the company’s stock worth $26,000 after acquiring an additional 247 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Disc Medicine by 45.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,075 shares of the company’s stock worth $54,000 after purchasing an additional 337 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Disc Medicine in the third quarter valued at approximately $131,000. Quantbot Technologies LP purchased a new stake in Disc Medicine during the 3rd quarter worth approximately $146,000. Finally, Intech Investment Management LLC acquired a new stake in Disc Medicine during the 3rd quarter worth approximately $228,000. 83.70% of the stock is currently owned by hedge funds and other institutional investors.

Disc Medicine Stock Performance

The company’s 50-day simple moving average is $62.62 and its 200 day simple moving average is $53.79. The company has a market cap of $1.71 billion, a PE ratio of -14.43 and a beta of 0.75.

Disc Medicine (NASDAQ:IRON) last released its earnings results on Tuesday, November 12th. The company reported ($0.89) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.15. Analysts forecast that Disc Medicine, Inc. will post -4.07 EPS for the current 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.