Disc Medicine (NASDAQ:IRON) Shares Down 3% - Here's What Happened

Disc Medicine, Inc. (NASDAQ:IRON - Get Free Report) shares dropped 3% during trading on Friday . The stock traded as low as $61.07 and last traded at $61.07. Approximately 29,558 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 345,359 shares. The stock had previously closed at $62.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wedbush reissued an "outperform" rating and set a $83.00 target price on shares of Disc Medicine in a report on Monday, December 9th. Stifel Nicolaus boosted 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. HC Wainwright restated a "buy" rating and issued a $118.00 target price on shares of Disc Medicine in a research note on Monday, December 9th. Scotiabank upped their price target on Disc Medicine from $62.00 to $70.00 and gave the company a "sector outperform" rating in a research report on Tuesday, November 5th. 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 report on Tuesday, November 5th. Nine 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.com, the stock presently has an average rating of "Buy" and an average price target of $87.50.

Disc Medicine Trading Up 2.5 %

The business's fifty day moving average price is $58.50 and its 200-day moving average price is $50.33. The company has a market capitalization of $1.92 billion, a P/E ratio of -16.21 and a beta of 0.76.

Disc Medicine (NASDAQ:IRON - Get Free Report) last announced its quarterly earnings data 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. As a group, equities research analysts forecast that Disc Medicine, Inc. will post -4.05 EPS for the current year.

Insider Transactions at Disc Medicine

In related news, Director William Richard White sold 1,957 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $64.63, for a total transaction of $126,480.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William Jacob Savage sold 14,183 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $65.45, for a total value of $928,277.35. Following the sale, the insider now directly owns 40,405 shares of the company's stock, valued at approximately $2,644,507.25. This trade represents a 25.98 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,627 shares of company stock worth $2,883,150. 4.24% of the stock is currently owned by insiders.

Institutional Trading of Disc Medicine

Large investors have recently modified their holdings of the business. Exome Asset Management LLC lifted its stake in Disc Medicine by 5.8% in the third quarter. Exome Asset Management LLC now owns 64,516 shares of the company's stock worth $3,170,000 after acquiring an additional 3,516 shares during the period. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Disc Medicine by 38.7% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 19,560 shares of the company's stock valued at $961,000 after purchasing an additional 5,458 shares during the period. Geode Capital Management LLC boosted its position in shares of Disc Medicine by 17.6% during the third quarter. Geode Capital Management LLC now owns 474,719 shares of the company's stock valued at $23,333,000 after purchasing an additional 70,983 shares in the last quarter. Barclays PLC raised its holdings in Disc Medicine by 123.7% in the third quarter. Barclays PLC now owns 40,145 shares of the company's stock worth $1,972,000 after purchasing an additional 22,202 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Disc Medicine during the third quarter valued at $445,000. 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.