Disc Medicine (NASDAQ:IRON) Sees Unusually-High Trading Volume on Analyst Upgrade

Disc Medicine, Inc. (NASDAQ:IRON) shares saw an uptick in trading volume on Thursday after Scotiabank raised their price target on the stock from $70.00 to $73.00. Scotiabank currently has a sector outperform rating on the stock. 647,136 shares changed hands during trading, an increase of 69% from the previous session’s volume of 383,964 shares.The stock last traded at $55.98 and had previously closed at $58.50.

IRON has been the subject of a number of other research reports. Wedbush restated an “outperform” rating and issued a $90.00 price target (up previously from $83.00) on shares of Disc Medicine in a report on Tuesday. Stifel Nicolaus increased their target price on Disc Medicine from $79.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Jefferies Financial Group initiated coverage on Disc Medicine in a research note on Wednesday, October 23rd. They set a “buy” rating and a $89.00 target price for the company. Raymond James upgraded Disc Medicine from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $66.00 to $110.00 in a research note on Monday, November 4th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 target price on shares of Disc Medicine in a research note on Tuesday, October 15th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $88.50.

Insiders Place Their Bets

In other news, Director William Richard White sold 7,136 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $58.61, for a total transaction of $418,240.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO John D. Quisel sold 12,791 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $66.01, for a total value of $844,333.91. Following the transaction, the chief executive officer now directly owns 72,065 shares in the company, valued at $4,757,010.65. This trade represents a 15.07 % 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 over the last three months. Company insiders own 4.24% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Amalgamated Bank boosted its stake in Disc Medicine by 76.9% during the second quarter. Amalgamated Bank now owns 568 shares of the company’s stock valued at $26,000 after buying an additional 247 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Disc Medicine by 45.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,075 shares of the company’s stock valued at $54,000 after purchasing an additional 337 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Disc Medicine by 2.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 29,065 shares of the company’s stock valued at $1,428,000 after purchasing an additional 771 shares during the period. SG Americas Securities LLC boosted its position 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 purchasing an additional 793 shares during the period. Finally, MetLife Investment Management LLC boosted its position in shares of Disc Medicine by 18.0% in the 3rd quarter. MetLife Investment Management LLC now owns 11,377 shares of the company’s stock valued at $559,000 after purchasing an additional 1,735 shares during the period. Institutional investors own 83.70% of the company’s stock.

Disc Medicine Trading Down 2.6 %

The firm has a market cap of $1.70 billion, a price-to-earnings ratio of -14.32 and a beta of 0.75. The stock has a 50-day moving average of $62.66 and a two-hundred day moving average of $53.72.

Disc Medicine (NASDAQ:IRON) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.89) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.15. Sell-side analysts expect that Disc Medicine, Inc. will post -4.07 EPS for the current fiscal year.

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.