Disc Medicine (NASDAQ:IRON) Sees Strong Trading Volume After Analyst Upgrade

Shares of Disc Medicine, Inc. (NASDAQ:IRON) saw unusually-high trading volume on Thursday after Scotiabank raised their price target on the stock from $70.00 to $73.00. Scotiabank currently has a sector outperform rating on the stock. Approximately 647,136 shares changed hands 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.

Other equities research analysts have also issued reports about the stock. Raymond James raised shares of Disc Medicine from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $66.00 to $110.00 in a report on Monday, November 4th. Stifel Nicolaus boosted their price target on shares of Disc Medicine from $79.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Cantor Fitzgerald restated an “overweight” rating and set a $85.00 price objective on shares of Disc Medicine in a research report on Tuesday, October 15th. Wedbush reiterated an “outperform” rating and issued a $90.00 target price (up from $83.00) on shares of Disc Medicine in a research report on Tuesday. Finally, Jefferies Financial Group began coverage on Disc Medicine in a report on Wednesday, October 23rd. They set a “buy” rating and a $89.00 price target for the company. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $88.50.

Insider Activity

In other news, insider Rahul Khara sold 7,500 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $62.75, for a total value of $470,625.00. Following the sale, the insider now owns 14,035 shares of the company’s stock, valued at approximately $880,696.25. This represents a 34.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO John D. Quisel sold 19,820 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $63.14, for a total transaction of $1,251,434.80. Following the completion of the sale, the chief executive officer now owns 72,065 shares of the company’s stock, valued at $4,550,184.10. This trade represents a 21.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 85,758 shares of company stock valued at $5,400,990 in the last ninety days. Insiders own 4.24% of the company’s stock.

Institutional Trading of Disc Medicine

Several institutional investors have recently added to or reduced their stakes in IRON. Geode Capital Management LLC grew its position in shares of Disc Medicine by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 474,719 shares of the company’s stock worth $23,333,000 after buying an additional 70,983 shares in the last quarter. State Street Corp lifted its position in Disc Medicine by 39.7% during the third quarter. State Street Corp now owns 827,910 shares of the company’s stock valued at $40,683,000 after acquiring an additional 235,115 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Disc Medicine during the 2nd quarter valued at $34,318,000. Verition Fund Management LLC purchased a new position in Disc Medicine during the 3rd quarter worth $589,000. Finally, Frazier Life Sciences Management L.P. raised its stake in Disc Medicine by 123.5% in 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 buying an additional 969,834 shares during the last quarter. Institutional investors own 83.70% of the company’s stock.

Disc Medicine Price Performance

The company’s fifty day moving average price is $62.73 and its 200-day moving average price is $53.69. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of -14.06 and a beta of 0.75.

Disc Medicine (NASDAQ:IRON) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.89) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.15. On average, sell-side analysts forecast that Disc Medicine, Inc. will post -4.07 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.