Disc Medicine (NASDAQ:IRON) Price Target Raised to $73.00 at Scotiabank

Disc Medicine (NASDAQ:IRON) had its price target lifted by stock analysts at Scotiabank from $70.00 to $73.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 20.62% from the stock’s previous close.

IRON has been the subject of several other reports. Morgan Stanley upgraded shares of Disc Medicine from an “equal weight” rating to an “overweight” rating and set a $85.00 target price for the company in a report on Tuesday, November 5th. Jefferies Financial Group started coverage on Disc Medicine in a research note on Wednesday, October 23rd. They set a “buy” rating and a $89.00 price objective for the company. Stifel Nicolaus raised their price target on Disc Medicine from $79.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price target on shares of Disc Medicine in a research note on Tuesday, October 15th. Finally, HC Wainwright restated a “buy” rating and set a $118.00 price objective on shares of Disc Medicine in a research note on Tuesday. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $88.50.

Disc Medicine Stock Up 3.9 %

NASDAQ IRON opened at $60.52 on Wednesday. The firm has a market capitalization of $1.80 billion, a PE ratio of -15.21 and a beta of 0.75. The stock’s 50 day moving average is $62.82 and its 200 day moving average is $53.66. Disc Medicine has a twelve month low of $25.60 and a twelve month high of $77.60.

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

Insider Activity

In other Disc Medicine news, Director William Richard White sold 1,957 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $64.63, for a total transaction of $126,480.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Rahul Khara sold 7,500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $62.75, for a total transaction of $470,625.00. Following the completion of the transaction, the insider now owns 14,035 shares in the company, valued at $880,696.25. The trade was a 34.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 85,758 shares of company stock valued at $5,400,990 in the last ninety days. 4.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Disc Medicine

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Amalgamated Bank raised its position in shares of Disc Medicine by 76.9% during the 2nd quarter. Amalgamated Bank now owns 568 shares of the company’s stock valued at $26,000 after purchasing an additional 247 shares during the period. Marshall Wace LLP bought a new stake in Disc Medicine during the second quarter valued at about $554,000. Point72 Asset Management L.P. purchased a new position in shares of Disc Medicine in the second quarter valued at about $34,318,000. Deerfield Management Company L.P. Series C boosted its stake in shares of Disc Medicine by 53.8% in the second quarter. Deerfield Management Company L.P. Series C now owns 1,023,265 shares of the company’s stock worth $46,119,000 after acquiring an additional 357,730 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Disc Medicine by 26.7% during the second quarter. The Manufacturers Life Insurance Company now owns 28,294 shares of the company’s stock worth $1,275,000 after purchasing an additional 5,960 shares in the last quarter. 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.