Disc Medicine, Inc. $IRON Shares Newly Purchased by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates initiated a position in Disc Medicine, purchasing 35,291 shares valued at approximately $2.31 million. Other institutional investors also increased their holdings, with institutions collectively owning 83.7% of the stock.
• Disc Medicine shares opened at $74.51, down 0.7%, with a market capitalization of about $2.86 billion. The company reported quarterly EPS of negative $1.54, beating analyst expectations of negative $1.71.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $122.70, although some firms maintained or initiated sell ratings. Insiders sold approximately $13.6 million of stock over the past 90 days.

Pinnacle Associates Ltd. acquired a new position in shares of Disc Medicine, Inc. (NASDAQ:IRON - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 35,291 shares of the company's stock, valued at approximately $2,310,000. Pinnacle Associates Ltd. owned approximately 0.09% of Disc Medicine as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Assenagon Asset Management S.A. boosted its position in shares of Disc Medicine by 191.4% during the third quarter. Assenagon Asset Management S.A. now owns 1,119,458 shares of the company's stock valued at $73,280,000 after buying an additional 735,300 shares during the last quarter. Opaleye Management Inc. raised its position in Disc Medicine by 103.1% in the 2nd quarter. Opaleye Management Inc. now owns 855,000 shares of the company's stock valued at $62,535,000 after buying an additional 434,000 shares during the last quarter. Engineers Gate Manager LP raised its position in Disc Medicine by 110.9% in the 2nd quarter. Engineers Gate Manager LP now owns 19,552 shares of the company's stock valued at $1,430,000 after buying an additional 10,282 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Disc Medicine by 139.3% during the 2nd quarter. Squarepoint Ops LLC now owns 75,872 shares of the company's stock valued at $5,549,000 after acquiring an additional 44,163 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in Disc Medicine by 2.4% during the 2nd quarter. Arizona State Retirement System now owns 6,844 shares of the company's stock valued at $501,000 after acquiring an additional 160 shares in the last quarter. 83.70% of the stock is owned by hedge funds and other institutional investors.

Disc Medicine Stock Down 0.7%

Shares of NASDAQ:IRON opened at $74.51 on Friday. Disc Medicine, Inc. has a 1 year low of $40.00 and a 1 year high of $99.50. The company has a market capitalization of $2.86 billion, a PE ratio of -11.32 and a beta of 0.93. The business has a fifty day moving average price of $71.25 and a two-hundred day moving average price of $71.56. The company has a debt-to-equity ratio of 0.09, a current ratio of 24.14 and a quick ratio of 24.14.

Disc Medicine (NASDAQ:IRON - Get Free Report) last released its 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. Analysts forecast that Disc Medicine, Inc. will post -6.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. HC Wainwright reaffirmed a "buy" rating and set a $120.00 price objective on shares of Disc Medicine in a report on Thursday, September 10th. Wedbush increased their target price on shares of Disc Medicine from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Monday. Truist Financial raised their price target on shares of Disc Medicine from $83.00 to $115.00 and gave the company a "buy" rating in a research report on Monday. Weiss Ratings restated a "sell (d-)" rating on shares of Disc Medicine in a report on Thursday, October 15th. Finally, Wall Street Zen cut shares of Disc Medicine from a "hold" rating to a "sell" rating in a report on Saturday, October 17th. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $122.70.

Insider Activity at Disc Medicine

In related news, COO Jonathan Yu sold 8,796 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $83.12, for a total transaction of $731,123.52. Following the completion of the sale, the chief operating officer owned 54,324 shares in the company, valued at approximately $4,515,410.88. This trade represents a 13.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Rahul Khara sold 5,000 shares of Disc Medicine stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $80.00, for a total transaction of $400,000.00. Following the completion of the sale, the insider directly owned 52,324 shares in the company, valued at approximately $4,185,920. This represents a 8.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 173,046 shares of company stock worth $13,591,034 in the last ninety days. 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. Its research is centered on the biology of red blood cell production and iron homeostasis, with the goal of addressing disorders in which abnormal iron regulation or ineffective erythropoiesis contributes to disease.

The company's pipeline includes bitopertin, an investigational oral therapy designed to enhance red blood cell production through inhibition of glycine transporter 1.

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