Disc Medicine (NASDAQ:IRON) Stock Price Up 7% – Here’s Why

Disc Medicine, Inc. (NASDAQ:IRON)’s stock price traded up 7% on Tuesday . The company traded as high as $62.73 and last traded at $62.31. 236,021 shares traded hands during trading, a decline of 33% from the average session volume of 351,951 shares. The stock had previously closed at $58.25.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Raymond James upgraded shares of Disc Medicine from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $66.00 to $110.00 in a research note on Monday. Wedbush restated an “outperform” rating and set a $75.00 price objective (up from $60.00) on shares of Disc Medicine in a research note on Monday. Cantor Fitzgerald restated an “overweight” rating and set a $85.00 price objective on shares of Disc Medicine in a research note on Tuesday, October 15th. Scotiabank assumed coverage on shares of Disc Medicine in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $62.00 price objective for the company. Finally, Morgan Stanley upgraded shares of Disc Medicine from an “equal weight” rating to an “overweight” rating and set a $85.00 price objective for the company in a research note on Tuesday. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $79.40.

Disc Medicine Stock Up 10.1 %

The company has a market cap of $1.91 billion, a PE ratio of -17.43 and a beta of 0.60. The business’s fifty day moving average is $48.75 and its 200-day moving average is $42.93.

Disc Medicine (NASDAQ:IRON) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($1.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.11) by $0.08. Analysts forecast that Disc Medicine, Inc. will post -4.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Disc Medicine

Several large investors have recently added to or reduced their stakes in IRON. Jennison Associates LLC lifted its holdings in Disc Medicine by 349.1% during the first quarter. Jennison Associates LLC now owns 193,240 shares of the company’s stock valued at $12,031,000 after purchasing an additional 150,209 shares in the last quarter. Swiss National Bank lifted its holdings in Disc Medicine by 50.6% during the first quarter. Swiss National Bank now owns 23,800 shares of the company’s stock valued at $1,482,000 after purchasing an additional 8,000 shares in the last quarter. ProShare Advisors LLC purchased a new position in Disc Medicine during the first quarter valued at approximately $211,000. Bleakley Financial Group LLC lifted its holdings in Disc Medicine by 23.0% during the first quarter. Bleakley Financial Group LLC now owns 4,572 shares of the company’s stock valued at $285,000 after purchasing an additional 856 shares in the last quarter. Finally, Lord Abbett & CO. LLC purchased a new position in Disc Medicine during the first quarter valued at approximately $7,429,000. 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.