Disc Medicine (NASDAQ:IRON) Stock Price Down 3% – Here’s Why

Disc Medicine, Inc. (NASDAQ:IRON)’s share price traded down 3% during trading on Friday . The company traded as low as $51.20 and last traded at $50.82. 173,913 shares traded hands during trading, a decline of 52% from the average session volume of 360,581 shares. The stock had previously closed at $52.41.

Analyst Upgrades and Downgrades

IRON has been the subject of a number of recent research reports. Scotiabank lifted their price objective on shares of Disc Medicine from $73.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Monday, March 3rd. Wedbush restated an “outperform” rating and issued a $90.00 price target (up from $83.00) on shares of Disc Medicine in a report on Tuesday, January 21st. TD Cowen initiated coverage on Disc Medicine in a report on Thursday, February 27th. They set a “buy” rating on the stock. Stifel Nicolaus boosted their price target on shares of Disc Medicine from $90.00 to $94.00 and gave the company a “buy” rating in a report on Friday, January 24th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $85.00 price objective on shares of Disc Medicine in a research report on Friday, March 7th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $89.10.

Disc Medicine Stock Down 2.7 %

The company has a market cap of $1.76 billion, a price-to-earnings ratio of -12.82 and a beta of 0.73. The firm has a 50-day simple moving average of $56.16 and a 200 day simple moving average of $55.97.

Disc Medicine (NASDAQ:IRON) last announced its quarterly earnings data 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, research analysts expect that Disc Medicine, Inc. will post -4.07 EPS for the current year.

Insiders Place Their Bets

In related news, Director Mona Ashiya sold 83,182 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $54.45, for a total value of $4,529,259.90. Following the transaction, the director now owns 194,209 shares in the company, valued at approximately $10,574,680.05. This trade represents a 29.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John D. Quisel sold 19,820 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $63.14, for a total value of $1,251,434.80. Following the completion of the sale, the chief executive officer now owns 72,065 shares of the company’s stock, valued at approximately $4,550,184.10. This trade represents a 21.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 359,408 shares of company stock valued at $20,027,286. Corporate insiders own 4.24% of the company’s stock.

Hedge Funds Weigh In On Disc Medicine

A number of hedge funds have recently added to or reduced their stakes in IRON. Tower Research Capital LLC TRC grew its position in 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 during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Disc Medicine by 8.9% in the 4th quarter. Teacher Retirement System of Texas now owns 4,857 shares of the company’s stock worth $308,000 after acquiring an additional 396 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Disc Medicine by 798.4% in the fourth quarter. Sterling Capital Management LLC now owns 566 shares of the company’s stock worth $36,000 after buying an additional 503 shares during the period. China Universal Asset Management Co. Ltd. boosted its stake in Disc Medicine by 10.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 6,310 shares of the company’s stock worth $400,000 after purchasing an additional 593 shares during the period. Finally, GF Fund Management CO. LTD. acquired a new position in Disc Medicine during the fourth quarter valued at $40,000. Institutional investors and hedge funds own 83.70% of the company’s stock.

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.