Disc Medicine (NASDAQ:IRON) Trading Down 3% – Here’s What Happened

Disc Medicine, Inc. (NASDAQ:IRON)’s share price dropped 3% on Friday . The company traded as low as $51.20 and last traded at $50.82. Approximately 173,913 shares traded hands during trading, a decline of 52% from the average daily volume of 360,581 shares. The stock had previously closed at $52.41.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. TD Cowen initiated coverage on Disc Medicine in a research report on Thursday, February 27th. They issued a “buy” rating for the company. Wedbush reiterated an “outperform” rating and set a $90.00 target price (up previously from $83.00) on shares of Disc Medicine in a research report on Tuesday, January 21st. HC Wainwright reiterated a “buy” rating and issued a $118.00 price objective on shares of Disc Medicine in a research report on Tuesday, January 21st. Morgan Stanley reiterated an “overweight” rating and set a $85.00 target price on shares of Disc Medicine in a research report on Friday, March 7th. Finally, Scotiabank lifted their price objective on Disc Medicine from $73.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Monday, March 3rd. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Disc Medicine presently has an average rating of “Buy” and a consensus target price of $89.10.

Disc Medicine Price Performance

The company has a fifty day moving average of $56.16 and a 200 day moving average of $55.97. The firm has a market capitalization of $1.76 billion, a P/E ratio of -12.82 and a beta of 0.73.

Disc Medicine (NASDAQ:IRON) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.98) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.08. On average, sell-side analysts forecast that Disc Medicine, Inc. will post -4.07 EPS for the current year.

Insider Buying and Selling

In other Disc Medicine news, insider Pamela Stephenson sold 3,137 shares of Disc Medicine stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $54.58, for a total transaction of $171,217.46. Following the completion of the sale, the insider now owns 69,529 shares of the company’s stock, valued at $3,794,892.82. The trade was a 4.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mona Ashiya sold 202,146 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $54.29, for a total transaction of $10,974,506.34. Following the completion of the sale, the director now directly owns 208,742 shares of the company’s stock, valued at $11,332,603.18. This trade represents a 49.20 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 359,408 shares of company stock worth $20,027,286. Insiders own 4.24% of the company’s stock.

Hedge Funds Weigh In On Disc Medicine

Several hedge funds and other institutional investors have recently modified their holdings of IRON. FMR LLC raised its holdings in Disc Medicine by 358.7% in the fourth quarter. FMR LLC now owns 1,866,248 shares of the company’s stock worth $118,320,000 after purchasing an additional 1,459,434 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Disc Medicine by 62.4% during the 4th quarter. Janus Henderson Group PLC now owns 1,217,815 shares of the company’s stock valued at $77,170,000 after acquiring an additional 467,988 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Disc Medicine by 23.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,394,637 shares of the company’s stock valued at $88,421,000 after buying an additional 262,690 shares during the last quarter. State Street Corp boosted its position in Disc Medicine by 39.7% in the third quarter. State Street Corp now owns 827,910 shares of the company’s stock worth $40,683,000 after purchasing an additional 235,115 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Disc Medicine during the fourth quarter valued at approximately $5,579,000. 83.70% of the stock is owned by institutional investors.

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.