Disc Medicine (NASDAQ:IRON) Posts Quarterly Earnings Results, Misses Estimates By $0.29 EPS

Disc Medicine (NASDAQ:IRON) posted its earnings results on Thursday. The company reported ($1.77) earnings per share for the quarter, missing the consensus estimate of ($1.48) by ($0.29), Zacks reports.

Disc Medicine Price Performance

NASDAQ:IRON traded down $3.15 during trading hours on Friday, hitting $83.85. 272,440 shares of the stock were exchanged, compared to its average volume of 608,376. The firm’s fifty day moving average price is $71.70 and its 200 day moving average price is $59.73. Disc Medicine has a 52-week low of $30.82 and a 52-week high of $95.95. The company has a market cap of $2.92 billion, a P/E ratio of -15.67 and a beta of 0.79. The company has a current ratio of 32.11, a quick ratio of 32.11 and a debt-to-equity ratio of 0.05.

Analysts Set New Price Targets

A number of research firms have weighed in on IRON. Raymond James Financial lifted their price objective on shares of Disc Medicine from $89.00 to $108.00 and gave the company a “strong-buy” rating in a report on Friday, October 17th. Stifel Nicolaus initiated coverage on Disc Medicine in a research report on Monday, November 3rd. They set a “buy” rating and a $125.00 target price on the stock. Wedbush upped their price target on Disc Medicine from $90.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Cantor Fitzgerald increased their price target on Disc Medicine from $132.00 to $153.00 and gave the stock an “overweight” rating in a research report on Friday, October 17th. Finally, Morgan Stanley boosted their price objective on Disc Medicine from $90.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Disc Medicine presently has a consensus rating of “Moderate Buy” and an average price target of $116.30.

Insider Activity

In related news, Director Kevin Bitterman sold 70,000 shares of the business’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $88.91, for a total transaction of $6,223,700.00. Following the completion of the sale, the director directly owned 385,549 shares in the company, valued at approximately $34,279,161.59. The trade was a 15.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 218,046 shares of company stock valued at $16,463,375 over the last quarter. Insiders own 3.64% of the company’s stock.

Institutional Investors Weigh In On Disc Medicine

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Adage Capital Partners GP L.L.C. grew its holdings in shares of Disc Medicine by 50.0% during the second quarter. Adage Capital Partners GP L.L.C. now owns 450,000 shares of the company’s stock worth $23,832,000 after buying an additional 150,000 shares in the last quarter. Nantahala Capital Management LLC boosted its position in Disc Medicine by 93.9% during the second quarter. Nantahala Capital Management LLC now owns 287,800 shares of the company’s stock worth $15,242,000 after acquiring an additional 139,409 shares during the last quarter. Bank of America Corp DE grew its stake in Disc Medicine by 213.7% during the 2nd quarter. Bank of America Corp DE now owns 168,822 shares of the company’s stock valued at $8,941,000 after acquiring an additional 115,014 shares in the last quarter. Opaleye Management Inc. raised its holdings in Disc Medicine by 119.3% in the 2nd quarter. Opaleye Management Inc. now owns 186,418 shares of the company’s stock valued at $9,873,000 after acquiring an additional 101,418 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Disc Medicine by 1,277.1% in the 1st quarter. Millennium Management LLC now owns 108,499 shares of the company’s stock worth $5,386,000 after purchasing an additional 100,620 shares in the last quarter. Institutional investors and hedge funds 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.