Disc Medicine (NASDAQ:IRON) Shares Gap Up – Here’s What Happened

Disc Medicine, Inc. (NASDAQ:IRON)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $47.13, but opened at $57.59. Disc Medicine shares last traded at $60.75, with a volume of 350,464 shares traded.

Analysts Set New Price Targets

A number of analysts recently weighed in on IRON shares. Wells Fargo & Company started coverage on shares of Disc Medicine in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $75.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $70.00 target price on shares of Disc Medicine in a research report on Tuesday. Morgan Stanley upgraded Disc Medicine from an “equal weight” rating to an “overweight” rating and set a $85.00 price target on the stock in a research report on Tuesday. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price objective on shares of Disc Medicine in a report on Tuesday, October 15th. Finally, Raymond James raised shares of Disc Medicine from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $66.00 to $110.00 in a report on Monday. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $80.20.

Disc Medicine Stock Performance

The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -17.65 and a beta of 0.60. The company’s 50-day moving average is $48.75 and its 200-day moving average is $42.93.

Disc Medicine (NASDAQ:IRON) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($1.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.11) by $0.08. On average, analysts predict that Disc Medicine, Inc. will post -4.09 EPS for the current year.

Insider Transactions at Disc Medicine

In related news, Director William Richard White sold 7,136 shares of Disc Medicine stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $58.61, for a total value of $418,240.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 7,538 shares of company stock worth $437,875 over the last 90 days. 4.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Disc Medicine

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. 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 acquiring an additional 247 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Disc Medicine by 45.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,075 shares of the company’s stock worth $54,000 after buying an additional 337 shares during the period. SG Americas Securities LLC increased its stake in shares of Disc Medicine by 19.5% in the 3rd quarter. SG Americas Securities LLC now owns 4,864 shares of the company’s stock valued at $239,000 after acquiring an additional 793 shares during the last quarter. Bleakley Financial Group LLC boosted its stake in Disc Medicine by 23.0% during the 1st quarter. Bleakley Financial Group LLC now owns 4,572 shares of the company’s stock worth $285,000 after acquiring an additional 856 shares during the last quarter. Finally, TD Asset Management Inc boosted its stake in Disc Medicine by 3.7% during the 2nd quarter. TD Asset Management Inc now owns 40,732 shares of the company’s stock worth $1,836,000 after acquiring an additional 1,468 shares during the last quarter. 83.70% of the stock is owned by 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.