Disc Medicine, Inc. (NASDAQ:IRON) Sees Large Increase in Short Interest

Disc Medicine, Inc. (NASDAQ:IRON) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,630,000 shares, a growth of 10.1% from the October 15th total of 1,480,000 shares. Based on an average daily trading volume, of 269,200 shares, the days-to-cover ratio is presently 6.1 days. Currently, 10.5% of the shares of the stock are sold short.

Disc Medicine Stock Down 3.5 %

Shares of IRON traded down $2.11 during trading hours on Monday, reaching $57.35. The stock had a trading volume of 337,658 shares, compared to its average volume of 355,110. The company has a market cap of $1.71 billion, a P/E ratio of -14.94 and a beta of 0.60. Disc Medicine has a 52 week low of $25.60 and a 52 week high of $77.60. The firm has a 50-day moving average of $51.20 and a 200 day moving average of $45.20.

Disc Medicine (NASDAQ:IRON) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.04) by $0.15. As a group, equities analysts expect that Disc Medicine will post -4.05 earnings per share for the current year.

Insider Activity at Disc Medicine

In related news, Director William Richard White sold 7,136 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $58.61, for a total value of $418,240.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 7,538 shares of company stock valued at $437,875 over the last ninety days. 4.24% of the stock is owned by insiders.

Institutional Trading of Disc Medicine

Large investors have recently bought and sold shares of the business. Amalgamated Bank lifted its stake in 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 buying an additional 247 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Disc Medicine by 45.7% in the 3rd 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 during the period. The Manufacturers Life Insurance Company increased its holdings in Disc Medicine by 2.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 29,065 shares of the company’s stock worth $1,428,000 after purchasing an additional 771 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Disc Medicine by 19.5% in the 3rd quarter. SG Americas Securities LLC now owns 4,864 shares of the company’s stock valued at $239,000 after purchasing an additional 793 shares during the period. Finally, Bleakley Financial Group LLC lifted its holdings in shares of Disc Medicine by 23.0% in the first quarter. Bleakley Financial Group LLC now owns 4,572 shares of the company’s stock valued at $285,000 after purchasing an additional 856 shares in the last quarter. 83.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on IRON shares. Wells Fargo & Company began coverage on Disc Medicine in a research report on Thursday, August 22nd. They issued an “overweight” rating and a $75.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price target on shares of Disc Medicine in a report on Tuesday, October 15th. Wedbush reissued an “outperform” rating and set a $83.00 price objective (up from $75.00) on shares of Disc Medicine in a report on Tuesday, November 12th. Jefferies Financial Group began coverage on shares of Disc Medicine in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $89.00 target price on the stock. Finally, Scotiabank boosted their price target on shares of Disc Medicine from $62.00 to $70.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, November 5th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $85.80.

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.