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

Disc Medicine (NASDAQ:IRON)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a report issued on Tuesday,Benzinga reports. They presently have a $118.00 price target on the stock. HC Wainwright’s target price would suggest a potential upside of 92.17% from the stock’s previous close.

Several other analysts also recently issued reports on IRON. Jefferies Financial Group assumed coverage on shares of Disc Medicine in a report on Wednesday, October 23rd. They issued a “buy” rating and a $89.00 price target on the stock. Scotiabank raised their price target on Disc Medicine from $62.00 to $70.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, November 5th. Morgan Stanley raised Disc Medicine from an “equal weight” rating to an “overweight” rating and set a $85.00 price objective on the stock in a research note on Tuesday, November 5th. Raymond James raised shares of Disc Medicine from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company from $66.00 to $110.00 in a research note on Monday, November 4th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price target on shares of Disc Medicine in a research note on Tuesday, October 15th. Nine equities research 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, the stock presently has a consensus rating of “Buy” and a consensus price target of $88.20.

Disc Medicine Price Performance

Shares of IRON stock traded up $3.16 during mid-day trading on Tuesday, hitting $61.41. The stock had a trading volume of 269,697 shares, compared to its average volume of 321,596. The firm has a market cap of $1.83 billion, a PE ratio of -15.43 and a beta of 0.75. Disc Medicine has a fifty-two week low of $25.60 and a fifty-two week high of $77.60. The company’s 50-day simple moving average is $62.88 and its 200-day simple moving average is $53.56.

Disc Medicine (NASDAQ:IRON) last issued its earnings results on Tuesday, November 12th. The company reported ($0.89) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.15. On average, analysts expect that Disc Medicine will post -4.07 EPS for the current year.

Insiders Place Their Bets

In related news, insider William Jacob Savage sold 9,158 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $59.64, for a total transaction of $546,183.12. Following the completion of the sale, the insider now directly owns 40,405 shares of the company’s stock, valued at approximately $2,409,754.20. This represents a 18.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $470,625.00. Following the completion of the sale, the insider now owns 14,035 shares of the company’s stock, valued at approximately $880,696.25. This represents a 34.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 85,758 shares of company stock valued at $5,400,990 over the last quarter. Company insiders own 4.24% of the company’s stock.

Institutional Investors Weigh In On Disc Medicine

Several institutional investors and hedge funds have recently modified their holdings of IRON. Amalgamated Bank lifted its position in Disc Medicine by 76.9% during the 2nd quarter. Amalgamated Bank now owns 568 shares of the company’s stock worth $26,000 after acquiring an additional 247 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Disc Medicine by 45.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,075 shares of the company’s stock valued at $54,000 after purchasing an additional 337 shares in the last quarter. Quest Partners LLC purchased a new stake in Disc Medicine during the 3rd quarter worth $131,000. Quantbot Technologies LP acquired a new position in Disc Medicine in the 3rd quarter worth $146,000. Finally, Intech Investment Management LLC purchased a new position in Disc Medicine in the 3rd quarter valued at about $228,000. Hedge funds and other institutional investors own 83.70% of the company’s stock.

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.