Disc Medicine (NASDAQ:IRON) Sees Unusually-High Trading Volume on Analyst Upgrade

Disc Medicine, Inc. (NASDAQ:IRON) saw unusually-strong 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 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 analysts have also recently issued reports on the stock. Jefferies Financial Group started coverage on shares of Disc Medicine in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $89.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 target price on shares of Disc Medicine in a research note on Tuesday, October 15th. Raymond James raised shares of Disc Medicine from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $66.00 to $110.00 in a research note on Monday, November 4th. Stifel Nicolaus raised their target price 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. Finally, HC Wainwright reiterated a “buy” rating and set a $118.00 price objective on shares of Disc Medicine in a research report on Tuesday. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $88.50.

Insider Buying and Selling at Disc Medicine

In other Disc Medicine 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 transaction of $470,625.00. Following the transaction, the insider now directly owns 14,035 shares of the company’s stock, valued at $880,696.25. This trade represents a 34.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William Richard White sold 7,136 shares of the stock in a transaction on Monday, November 4th. The shares were 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. In the last quarter, insiders have sold 85,758 shares of company stock worth $5,400,990. 4.24% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Disc Medicine

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank boosted its stake in shares of Disc Medicine by 76.9% in the second quarter. Amalgamated Bank now owns 568 shares of the company’s stock valued at $26,000 after purchasing an additional 247 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Disc Medicine by 45.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,075 shares of the company’s stock worth $54,000 after acquiring an additional 337 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Disc Medicine by 2.7% in the third quarter. The Manufacturers Life Insurance Company now owns 29,065 shares of the company’s stock worth $1,428,000 after acquiring an additional 771 shares during the last quarter. SG Americas Securities LLC lifted its stake in Disc Medicine by 19.5% in the third quarter. SG Americas Securities LLC now owns 4,864 shares of the company’s stock worth $239,000 after acquiring an additional 793 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its stake in Disc Medicine by 18.0% in the third quarter. MetLife Investment Management LLC now owns 11,377 shares of the company’s stock worth $559,000 after acquiring an additional 1,735 shares during the last quarter. 83.70% of the stock is owned by hedge funds and other institutional investors.

Disc Medicine Stock Down 2.6 %

The business’s fifty day simple moving average is $62.66 and its two-hundred day simple moving average is $53.72. The company has a market cap of $1.70 billion, a price-to-earnings ratio of -14.32 and a beta of 0.75.

Disc Medicine (NASDAQ:IRON) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.89) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.15. Sell-side analysts predict that Disc Medicine, Inc. will post -4.07 EPS 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.