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

Shares of Disc Medicine, Inc. (NASDAQ:IRON) fell 3% during mid-day trading on Friday . The company traded as low as $51.20 and last traded at $50.82. 173,913 shares were traded during trading, a decline of 52% from the average session volume of 360,581 shares. The stock had previously closed at $52.41.

Wall Street Analyst Weigh In

IRON has been the subject of several analyst reports. TD Cowen assumed coverage on Disc Medicine in a research note on Thursday, February 27th. They issued a “buy” rating for the company. Scotiabank raised their price target 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. Morgan Stanley reiterated an “overweight” rating and set a $85.00 price objective on shares of Disc Medicine in a research report on Friday, March 7th. Stifel Nicolaus raised their target price on shares of Disc Medicine from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Finally, Wedbush reaffirmed an “outperform” rating and set a $90.00 price target (up from $83.00) on shares of Disc Medicine in a research note on Tuesday, January 21st. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $89.10.

Disc Medicine Stock Down 2.7 %

The stock has a market cap of $1.76 billion, a P/E ratio of -12.82 and a beta of 0.73. The company’s 50 day moving average price is $56.62 and its two-hundred day moving average price is $55.94.

Disc Medicine (NASDAQ:IRON) last issued its earnings results on Thursday, February 27th. The company reported ($0.98) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.08. As a group, equities research analysts forecast that Disc Medicine, Inc. will post -4.07 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO John D. Quisel sold 12,791 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $66.01, for a total value of $844,333.91. Following the completion of the transaction, the chief executive officer now owns 72,065 shares of the company’s stock, valued at $4,757,010.65. The trade was a 15.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mona Ashiya sold 202,146 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $54.29, for a total value of $10,974,506.34. Following the sale, the director now directly owns 208,742 shares in the company, 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. Insiders have sold a total of 359,408 shares of company stock worth $20,027,286 in the last three months. Corporate insiders own 4.24% of the company’s stock.

Institutional Investors Weigh In On Disc Medicine

A number of institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC boosted its stake in Disc Medicine by 798.4% in the fourth quarter. Sterling Capital Management LLC now owns 566 shares of the company’s stock valued at $36,000 after acquiring an additional 503 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Disc Medicine during the 4th quarter valued at $40,000. Tower Research Capital LLC TRC boosted its position in shares of Disc Medicine by 47.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 825 shares of the company’s stock worth $52,000 after purchasing an additional 266 shares in the last quarter. Quest Partners LLC purchased a new position in Disc Medicine during the 3rd quarter worth $131,000. Finally, Quantbot Technologies LP acquired a new position in Disc Medicine during the 3rd quarter valued at about $146,000. 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.