Adage Capital Partners GP L.L.C. Has $14.89 Million Stake in Disc Medicine, Inc. $IRON

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Disc Medicine, Inc. by 14.3%, selling 50,000 shares and holding 300,000 shares, which is valued at approximately $14.89 million.
• Institutional investors own 83.70% of Disc Medicine, with significant increases in stakes from firms such as Wellington Management Group and Vanguard Group.
• Disc Medicine's stock currently has an average rating of "Buy" with a price target averaging $98.30, despite the company reporting a loss of $1.58 earnings per share in its latest quarter.

Adage Capital Partners GP L.L.C. cut its holdings in Disc Medicine, Inc. (NASDAQ:IRON - Free Report) by 14.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 300,000 shares of the company's stock after selling 50,000 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.87% of Disc Medicine worth $14,892,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Arizona State Retirement System raised its holdings in shares of Disc Medicine by 12.5% in the first quarter. Arizona State Retirement System now owns 5,315 shares of the company's stock valued at $264,000 after purchasing an additional 590 shares during the last quarter. Amalgamated Bank increased its holdings in Disc Medicine by 38.6% during the first quarter. Amalgamated Bank now owns 787 shares of the company's stock worth $39,000 after buying an additional 219 shares during the last quarter. Rhumbline Advisers increased its holdings in Disc Medicine by 10.7% during the first quarter. Rhumbline Advisers now owns 32,144 shares of the company's stock worth $1,596,000 after buying an additional 3,108 shares during the last quarter. MetLife Investment Management LLC increased its holdings in Disc Medicine by 10.9% during the first quarter. MetLife Investment Management LLC now owns 13,454 shares of the company's stock worth $668,000 after buying an additional 1,322 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Disc Medicine by 5,092.5% during the first quarter. GAMMA Investing LLC now owns 12,410 shares of the company's stock worth $616,000 after buying an additional 12,171 shares during the last quarter. 83.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Raymond James Financial assumed coverage on shares of Disc Medicine in a report on Wednesday, June 11th. They set a "strong-buy" rating and a $89.00 target price on the stock. Wedbush restated an "outperform" rating and set a $90.00 target price on shares of Disc Medicine in a report on Monday, July 21st. HC Wainwright restated a "buy" rating and set a $118.00 target price on shares of Disc Medicine in a report on Thursday, July 3rd. Truist Financial began coverage on Disc Medicine in a research report on Monday, July 21st. They issued a "buy" rating and a $86.00 price objective for the company. Finally, Morgan Stanley raised their price objective on Disc Medicine from $85.00 to $90.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company. According to data from MarketBeat.com, Disc Medicine presently has an average rating of "Buy" and a consensus price target of $98.30.

Disc Medicine Stock Performance

Shares of NASDAQ:IRON traded down $0.38 on Wednesday, hitting $59.97. The company had a trading volume of 200,233 shares, compared to its average volume of 394,964. The stock has a 50 day moving average price of $58.81 and a 200 day moving average price of $52.15. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of -13.41 and a beta of 0.77. Disc Medicine, Inc. has a 1-year low of $30.82 and a 1-year high of $68.73. The company has a current ratio of 32.11, a quick ratio of 32.11 and a debt-to-equity ratio of 0.05.

Disc Medicine (NASDAQ:IRON - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($1.58) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.17) by ($0.41). Analysts expect that Disc Medicine, Inc. will post -4.07 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Jean M. Franchi sold 2,031 shares of the stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $59.00, for a total value of $119,829.00. Following the completion of the transaction, the chief financial officer owned 63,499 shares of the company's stock, valued at approximately $3,746,441. This represents a 3.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John D. Quisel sold 34,800 shares of the stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $55.33, for a total transaction of $1,925,484.00. Following the completion of the transaction, the chief executive officer directly owned 161,828 shares of the company's stock, valued at $8,953,943.24. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 132,913 shares of company stock worth $7,856,571 in the last 90 days. Company insiders own 3.64% 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.