HC Wainwright Reiterates “Buy” Rating for Disc Medicine (NASDAQ:IRON)

Disc Medicine (NASDAQ:IRON)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a report issued on Tuesday,Benzinga reports. They currently have a $118.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 92.17% from the company’s current price.

A number of other research firms have also issued reports on IRON. Morgan Stanley raised shares of Disc Medicine from an “equal weight” rating to an “overweight” rating and set a $85.00 target price for the company in a report on Tuesday, November 5th. Stifel Nicolaus upped their price objective on shares of Disc Medicine from $79.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Wedbush reissued an “outperform” rating and issued a $90.00 target price (up from $83.00) on shares of Disc Medicine in a research note on Tuesday. 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. Finally, Scotiabank upped their target price on Disc Medicine from $62.00 to $70.00 and gave the company a “sector outperform” rating in a report on Tuesday, November 5th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $88.20.

Disc Medicine Stock Performance

Shares of IRON traded up $3.16 during mid-day trading on Tuesday, hitting $61.41. 269,697 shares of the company were exchanged, compared to its average volume of 321,596. Disc Medicine has a 1-year low of $25.60 and a 1-year high of $77.60. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of -15.43 and a beta of 0.75. The company has a 50 day moving average of $62.88 and a 200-day moving average of $53.56.

Disc Medicine (NASDAQ:IRON) last released its earnings results on Tuesday, November 12th. The company reported ($0.89) earnings per share for the quarter, beating the consensus estimate of ($1.04) by $0.15. Research analysts anticipate that Disc Medicine will post -4.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Disc Medicine

In other news, insider William Jacob Savage sold 9,158 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $59.64, for a total value of $546,183.12. Following the sale, the insider now directly owns 40,405 shares in the company, valued at approximately $2,409,754.20. This trade represents a 18.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William Richard White sold 7,136 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $58.61, for a total transaction of $418,240.96. 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 90 days. Company insiders own 4.24% of the company’s stock.

Institutional Investors Weigh In On Disc Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in IRON. Wellington Management Group LLP lifted its position in shares of Disc Medicine by 4.8% during the 3rd quarter. Wellington Management Group LLP now owns 1,840,226 shares of the company’s stock worth $90,429,000 after buying an additional 83,731 shares during the last quarter. Frazier Life Sciences Management L.P. increased its position in shares of 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 worth $79,090,000 after purchasing an additional 969,834 shares in the last quarter. Deerfield Management Company L.P. Series C boosted its position 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 purchasing an additional 357,730 shares during the period. Logos Global Management LP acquired a new position in Disc Medicine during the second quarter worth approximately $41,690,000. Finally, State Street Corp lifted its stake in Disc Medicine by 39.7% in the third quarter. State Street Corp now owns 827,910 shares of the company’s stock valued at $40,683,000 after buying an additional 235,115 shares during the last quarter. Institutional investors and hedge funds own 83.70% of the company’s stock.

Disc Medicine Company Profile

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.