Insider Selling: Disc Medicine (NASDAQ:IRON) Director Sells $2,047,389.37 in Stock

Key Points

• Director Kevin Bitterman sold 25,519 Disc Medicine shares at an average price of $80.23, generating approximately $2.05 million. The Rule 10b5-1 transaction reduced his direct ownership by 66.27% to 12,991 shares.
• Disc Medicine shares fell 4.4% to $76.00 on heavy trading volume, while the company reported a quarterly loss of $1.54 per share—better than analysts’ expected loss of $1.71.
• Analyst sentiment remains broadly positive, with 11 Buy ratings, one Hold, and one Sell; the consensus price target is $122.70 versus the reported share price.

Disc Medicine, Inc. (NASDAQ:IRON - Get Free Report) Director Kevin Bitterman sold 25,519 shares of the business's stock in a transaction that occurred on Wednesday, October 21st. The shares were sold at an average price of $80.23, for a total transaction of $2,047,389.37. Following the completion of the transaction, the director directly owned 12,991 shares of the company's stock, valued at approximately $1,042,267.93. This represents a 66.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Kevin Bitterman also recently made the following trade(s):

• On Tuesday, October 20th, Kevin Bitterman sold 5,312 shares of Disc Medicine stock. The stock was sold at an average price of $79.95, for a total transaction of $424,694.40.
• On Monday, October 19th, Kevin Bitterman sold 10,994 shares of Disc Medicine stock. The stock was sold at an average price of $79.97, for a total transaction of $879,190.18.
• On Friday, September 11th, Kevin Bitterman sold 27,136 shares of Disc Medicine stock. The stock was sold at an average price of $70.11, for a total transaction of $1,902,504.96.
• On Friday, September 4th, Kevin Bitterman sold 1,689 shares of Disc Medicine stock. The stock was sold at an average price of $79.96, for a total transaction of $135,052.44.
• On Thursday, September 3rd, Kevin Bitterman sold 5,203 shares of Disc Medicine stock. The shares were sold at an average price of $79.98, for a total value of $416,135.94.
• On Wednesday, September 2nd, Kevin Bitterman sold 49,164 shares of Disc Medicine stock. The shares were sold at an average price of $80.17, for a total value of $3,941,477.88.
• On Tuesday, September 1st, Kevin Bitterman sold 129 shares of Disc Medicine stock. The stock was sold at an average price of $79.95, for a total value of $10,313.55.

Disc Medicine Trading Down 4.4%

Shares of Disc Medicine stock traded down $3.48 during trading hours on Wednesday, reaching $76.00. 4,638,911 shares of the company's stock were exchanged, compared to its average volume of 643,026. Disc Medicine, Inc. has a 52-week low of $40.00 and a 52-week high of $99.50. The company has a fifty day moving average of $71.53 and a 200-day moving average of $71.39. The company has a current ratio of 24.14, a quick ratio of 24.14 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of -11.55 and a beta of 0.93.

Disc Medicine (NASDAQ:IRON - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($1.54) EPS for the quarter, beating analysts' consensus estimates of ($1.71) by $0.17. Sell-side analysts forecast that Disc Medicine, Inc. will post -6.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Disc Medicine

Large investors have recently modified their holdings of the company. Pinnacle Associates Ltd. purchased a new position in shares of Disc Medicine in the 3rd quarter valued at $2,310,000. Assenagon Asset Management S.A. boosted its position in Disc Medicine by 191.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,119,458 shares of the company's stock worth $73,280,000 after purchasing an additional 735,300 shares during the period. Opaleye Management Inc. boosted its position in Disc Medicine by 103.1% during the 2nd quarter. Opaleye Management Inc. now owns 855,000 shares of the company's stock worth $62,535,000 after purchasing an additional 434,000 shares during the period. Engineers Gate Manager LP boosted its position in Disc Medicine by 110.9% during the 2nd quarter. Engineers Gate Manager LP now owns 19,552 shares of the company's stock worth $1,430,000 after purchasing an additional 10,282 shares during the period. Finally, Squarepoint Ops LLC increased its holdings in Disc Medicine by 139.3% in the 2nd quarter. Squarepoint Ops LLC now owns 75,872 shares of the company's stock valued at $5,549,000 after purchasing an additional 44,163 shares in the last quarter. 83.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on IRON shares. HC Wainwright reaffirmed a "buy" rating and set a $120.00 price objective on shares of Disc Medicine in a research note on Thursday, September 10th. Cantor Fitzgerald increased their price objective on shares of Disc Medicine from $125.00 to $170.00 and gave the stock an "overweight" rating in a report on Monday. Jefferies Financial Group reiterated a "buy" rating and set a $149.00 price objective on shares of Disc Medicine in a report on Wednesday. Morgan Stanley raised their target price on shares of Disc Medicine from $90.00 to $92.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Disc Medicine in a report on Thursday, October 15th. Eleven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $122.70.

About Disc Medicine

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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