Wedbush Reaffirms Outperform Rating for Disc Medicine (NASDAQ:IRON)

Disc Medicine (NASDAQ:IRON)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a research report issued to clients and investors on Monday,RTT News reports. They currently have a $83.00 price objective on the stock. Wedbush’s price target would indicate a potential upside of 28.36% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $118.00 price objective on shares of Disc Medicine in a report on Monday. Raymond James raised shares of Disc Medicine from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $66.00 to $110.00 in a research note on Monday, November 4th. Scotiabank raised their price objective on Disc Medicine from $62.00 to $70.00 and gave the company a “sector outperform” rating in a research note on Tuesday, November 5th. Jefferies Financial Group started coverage on Disc Medicine in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $89.00 target price for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $85.00 price target on shares of Disc Medicine in a research report 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. According to MarketBeat.com, Disc Medicine has an average rating of “Buy” and a consensus price target of $85.80.

Disc Medicine Price Performance

IRON stock traded down $0.16 during midday trading on Monday, reaching $64.66. The company had a trading volume of 245,740 shares, compared to its average volume of 348,167. The firm has a 50-day moving average price of $55.65 and a 200-day moving average price of $48.61. The company has a market capitalization of $1.92 billion, a P/E ratio of -16.25 and a beta of 0.75. Disc Medicine has a 1 year low of $25.60 and a 1 year high of $77.60.

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

Insiders Place Their Bets

In related news, insider William Jacob Savage sold 9,158 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 40,405 shares in the company, valued at $2,409,754.20. This represents a 18.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Richard White sold 7,136 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $58.61, for a total transaction of $418,240.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,836 shares of company stock valued at $2,038,816. Insiders own 4.24% of the company’s stock.

Institutional Investors Weigh In On Disc Medicine

A number of hedge funds have recently added to or reduced their stakes in IRON. Amalgamated Bank grew its holdings in shares of Disc Medicine by 76.9% in the second quarter. Amalgamated Bank now owns 568 shares of the company’s stock worth $26,000 after acquiring an additional 247 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Disc Medicine by 45.7% in the third 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 last quarter. Quest Partners LLC bought a new stake in shares of Disc Medicine during the 3rd quarter valued at about $131,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Disc Medicine during the 2nd quarter valued at about $129,000. Finally, Quantbot Technologies LP bought a new position in shares of Disc Medicine in the 3rd quarter worth approximately $146,000. 83.70% of the stock is currently owned by hedge funds and other 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.