Disc Medicine (NASDAQ:IRON) Shares Gap Up – Here’s Why

Disc Medicine, Inc. (NASDAQ:IRON)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $50.92, but opened at $52.25. Disc Medicine shares last traded at $50.35, with a volume of 61,029 shares trading hands.

Analysts Set New Price Targets

Several research firms have recently weighed in on IRON. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Disc Medicine in a research note on Tuesday, October 15th. Scotiabank started coverage on Disc Medicine in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $62.00 target price for the company. Wells Fargo & Company started coverage on Disc Medicine in a research report on Thursday, August 22nd. They set an “overweight” rating and a $75.00 price target for the company. Jefferies Financial Group started coverage on Disc Medicine in a research report on Wednesday. They set a “buy” rating and a $89.00 price target for the company. Finally, Wedbush reiterated an “outperform” rating and set a $57.00 price target on shares of Disc Medicine in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.40.

Disc Medicine Stock Down 2.8 %

The company has a market capitalization of $1.22 billion, a P/E ratio of -14.66 and a beta of 0.59. The company has a 50-day moving average of $48.98 and a two-hundred day moving average of $41.90.

Disc Medicine (NASDAQ:IRON) last released its quarterly earnings results on Thursday, August 8th. The company reported ($1.03) earnings per share for the quarter, beating the consensus estimate of ($1.11) by $0.08. As a group, equities analysts expect that Disc Medicine, Inc. will post -4.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Disc Medicine

Several hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its holdings 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 in the last quarter. Teachers Retirement System of The State of Kentucky bought a new stake in Disc Medicine in the second quarter worth $636,000. Nantahala Capital Management LLC bought a new stake in Disc Medicine in the second quarter worth $6,760,000. Algert Global LLC bought a new stake in Disc Medicine in the second quarter worth $239,000. Finally, Frazier Life Sciences Management L.P. boosted its holdings 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 worth $79,090,000 after acquiring an additional 969,834 shares in the last quarter. 83.70% of the stock is owned by institutional investors.

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.