Bank of America Corp DE Makes New $9.88 Million Investment in Disc Medicine, Inc. $IRON

Key Points

• Bank of America acquired a new $9.88 million stake in Disc Medicine during the second quarter, purchasing 135,111 shares and owning approximately 3.53% of the company. Institutional investors and hedge funds collectively own 83.70% of IRON.
• Disc Medicine shares opened at $65.24, down 1.8%, and remain below their 12-month high of $99.50. The company reported a quarterly loss of $1.54 per share, beating analysts’ expected loss of $1.71.
• Analyst sentiment remains generally positive, with 11 Buy ratings, one Hold and one Sell; the consensus price target is $110.18. However, company insiders sold 165,970 shares worth approximately $12.85 million over the past 90 days.

Bank of America Corp DE acquired a new stake in shares of Disc Medicine, Inc. (NASDAQ:IRON - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 135,111 shares of the company's stock, valued at approximately $9,882,000. Bank of America Corp DE owned about 3.53% of Disc Medicine at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Disc Medicine in the second quarter worth approximately $180,502,000. BVF Inc. IL purchased a new position in Disc Medicine during the 4th quarter worth $51,616,000. Armistice Capital LLC grew its stake in shares of Disc Medicine by 14.5% in the 4th quarter. Armistice Capital LLC now owns 499,391 shares of the company's stock worth $39,657,000 after acquiring an additional 63,391 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Disc Medicine by 14.7% in the 1st quarter. Jennison Associates LLC now owns 610,382 shares of the company's stock worth $39,028,000 after acquiring an additional 78,303 shares in the last quarter. Finally, Perceptive Advisors LLC purchased a new stake in shares of Disc Medicine in the fourth quarter valued at about $35,794,000. 83.70% of the stock is currently owned by institutional investors and hedge funds.

Disc Medicine Stock Down 1.8%

Disc Medicine stock opened at $65.24 on Friday. Disc Medicine, Inc. has a twelve month low of $40.00 and a twelve month high of $99.50. The firm has a 50 day moving average price of $75.98 and a 200-day moving average price of $71.07. The company has a market capitalization of $2.50 billion, a P/E ratio of -9.91 and a beta of 0.97. The company has a quick ratio of 24.14, a current ratio of 24.14 and a debt-to-equity ratio of 0.09.

Disc Medicine (NASDAQ:IRON - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($1.54) EPS for the quarter, topping analysts' consensus estimates of ($1.71) by $0.17. As a group, equities analysts predict that Disc Medicine, Inc. will post -6.61 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on IRON shares. Wells Fargo & Company boosted their price target on shares of Disc Medicine from $79.00 to $86.00 and gave the stock an "overweight" rating in a report on Wednesday, September 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Disc Medicine in a research note on Friday, July 17th. BMO Capital Markets reissued an "outperform" rating on shares of Disc Medicine in a research report on Thursday, September 10th. HC Wainwright restated a "buy" rating and issued a $120.00 target price on shares of Disc Medicine in a research note on Thursday, September 10th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $128.00 target price on shares of Disc Medicine in a research note on Thursday, September 10th. Eleven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $110.18.

Insider Transactions at Disc Medicine

In other Disc Medicine news, COO Jonathan Yu sold 8,796 shares of the business's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.12, for a total value of $731,123.52. Following the sale, the chief operating officer directly owned 54,324 shares in the company, valued at $4,515,410.88. The trade was a 13.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John Quisel sold 33,000 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $79.15, for a total value of $2,611,950.00. Following the transaction, the chief executive officer directly owned 226,064 shares in the company, valued at $17,892,965.60. This represents a 12.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 165,970 shares of company stock valued at $12,845,365. Corporate insiders own 3.76% of the company's stock.

Disc Medicine Company Profile

Disc Medicine, Inc NASDAQ: IRON is a clinical-stage biopharmaceutical company focused on developing treatments for serious hematologic diseases. The company's research centers on disorders involving red blood cell production, iron metabolism and related biological pathways, with the goal of addressing conditions that often have limited treatment options.

Disc Medicine's lead product candidate is bitopertin, an oral small-molecule inhibitor of glycine transporter 1. The company is evaluating bitopertin in diseases including erythropoietic protoporphyria, a rare disorder characterized by abnormal accumulation of protoporphyrin that can cause severe sensitivity to sunlight.

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