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

Disc Medicine, Inc. (NASDAQ:IRON)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $60.52, but opened at $58.00. Disc Medicine shares last traded at $58.12, with a volume of 61,726 shares.

Analyst Upgrades and Downgrades

IRON has been the subject of several recent research reports. Raymond James raised shares of Disc Medicine from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $66.00 to $110.00 in a research report on Monday, November 4th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target (up previously from $83.00) on shares of Disc Medicine in a research note on Tuesday. Jefferies Financial Group assumed coverage on shares of Disc Medicine in a research report on Wednesday, October 23rd. They issued a “buy” rating and a $89.00 price objective for the company. 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, Stifel Nicolaus raised their price objective on Disc Medicine from $79.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $88.50.

Disc Medicine Stock Down 5.0 %

The company has a 50 day moving average of $62.82 and a 200-day moving average of $53.66. The stock has a market capitalization of $1.71 billion, a P/E ratio of -14.48 and a beta of 0.75.

Disc Medicine (NASDAQ:IRON) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.89) EPS for the quarter, beating the consensus estimate of ($1.04) by $0.15. Equities analysts forecast that Disc Medicine, Inc. will post -4.07 EPS for the current fiscal year.

Insider Activity at Disc Medicine

In other news, insider William Jacob Savage sold 9,158 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $59.64, for a total value of $546,183.12. Following the completion of the transaction, the insider now owns 40,405 shares of the company’s stock, valued at approximately $2,409,754.20. This represents a 18.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Rahul Khara sold 7,500 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 14,035 shares of the company’s stock, valued at $880,696.25. The trade was a 34.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 85,758 shares of company stock worth $5,400,990 in the last 90 days. 4.24% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Amalgamated Bank boosted its stake in 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Disc Medicine by 45.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,075 shares of the company’s stock worth $54,000 after acquiring an additional 337 shares during the period. The Manufacturers Life Insurance Company raised its position in Disc Medicine by 2.7% in the third quarter. The Manufacturers Life Insurance Company now owns 29,065 shares of the company’s stock worth $1,428,000 after acquiring an additional 771 shares in the last quarter. SG Americas Securities LLC lifted its holdings in 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. Finally, MetLife Investment Management LLC boosted its position in shares of Disc Medicine by 18.0% during 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 in the last quarter. Institutional investors and hedge funds 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.