HC Wainwright Reaffirms Buy Rating for Disc Medicine (NASDAQ:IRON)

Disc Medicine (NASDAQ:IRON)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $118.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 82.04% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Raymond James upgraded Disc Medicine from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $66.00 to $110.00 in a research report on Monday, November 4th. Wells Fargo & Company began coverage on Disc Medicine in a research note on Thursday, August 22nd. They set an “overweight” rating and a $75.00 target price for the company. Wedbush reiterated an “outperform” rating and issued a $83.00 price target (up from $75.00) on shares of Disc Medicine in a research report on Tuesday, November 12th. Morgan Stanley upgraded shares of Disc Medicine from an “equal weight” rating to an “overweight” rating and set a $85.00 price objective for the company in a research report on Tuesday, November 5th. Finally, Scotiabank boosted their target price on shares of Disc Medicine from $62.00 to $70.00 and gave the stock a “sector outperform” rating in a report 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. According to data from MarketBeat, Disc Medicine presently has an average rating of “Buy” and an average target price of $85.80.

Disc Medicine Stock Performance

Shares of IRON opened at $64.82 on Monday. Disc Medicine has a one year low of $25.60 and a one year high of $77.60. The stock’s fifty day moving average is $55.65 and its 200-day moving average is $48.61. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -16.29 and a beta of 0.75.

Disc Medicine (NASDAQ:IRON) last announced its earnings results on Tuesday, November 12th. The company reported ($0.89) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.15. Analysts forecast that Disc Medicine will post -4.05 EPS for the current fiscal year.

Insider Activity at Disc Medicine

In other news, Director William Richard White sold 7,136 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Jacob Savage sold 9,158 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $59.64, for a total transaction of $546,183.12. Following the sale, the insider now owns 40,405 shares of the company’s stock, valued at approximately $2,409,754.20. This represents a 18.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,836 shares of company stock worth $2,038,816. 4.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Disc Medicine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Disc Medicine by 38.7% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 19,560 shares of the company’s stock valued at $961,000 after acquiring an additional 5,458 shares in the last quarter. Geode Capital Management LLC boosted its position in Disc Medicine by 17.6% during the third quarter. Geode Capital Management LLC now owns 474,719 shares of the company’s stock valued at $23,333,000 after purchasing an additional 70,983 shares during the last quarter. Barclays PLC grew its stake in Disc Medicine by 123.7% in the third quarter. Barclays PLC now owns 40,145 shares of the company’s stock valued at $1,972,000 after purchasing an additional 22,202 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Disc Medicine in the 3rd quarter worth about $445,000. Finally, Wellington Management Group LLP increased its position in Disc Medicine by 4.8% in the 3rd quarter. Wellington Management Group LLP now owns 1,840,226 shares of the company’s stock worth $90,429,000 after purchasing an additional 83,731 shares during the last quarter. Hedge funds and other institutional investors own 83.70% of the company’s stock.

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.