Disc Medicine, Inc. (NASDAQ:IRON) Sees Large Growth in Short Interest

Disc Medicine, Inc. (NASDAQ:IRON - Get Free Report) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 1,860,000 shares, an increase of 47.6% from the March 15th total of 1,260,000 shares. Based on an average daily volume of 431,300 shares, the days-to-cover ratio is presently 4.3 days.

Disc Medicine Stock Down 0.7 %

Shares of IRON traded down $0.21 during midday trading on Friday, reaching $31.83. 408,305 shares of the stock were exchanged, compared to its average volume of 802,248. Disc Medicine has a 12-month low of $21.49 and a 12-month high of $77.60. The firm has a 50 day simple moving average of $58.73 and a 200-day simple moving average of $55.98. The company has a market cap of $768.38 million, a price-to-earnings ratio of -9.12 and a beta of 0.18.

Disc Medicine (NASDAQ:IRON - Get Free Report) last posted its quarterly earnings results on Thursday, March 21st. The company reported ($0.97) earnings per share for the quarter, missing analysts' consensus estimates of ($0.75) by ($0.22). Research analysts expect that Disc Medicine will post -4.44 earnings per share for the current fiscal year.

Insider Transactions at Disc Medicine

In related news, major shareholder Venture Fund X. L.P. Atlas sold 47,500 shares of the firm's stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $67.65, for a total transaction of $3,213,375.00. Following the completion of the transaction, the insider now owns 1,402,186 shares of the company's stock, valued at $94,857,882.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Kevin Bitterman sold 102,500 shares of the company's stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $67.65, for a total transaction of $6,934,125.00. Following the completion of the sale, the director now directly owns 198,326 shares of the company's stock, valued at $13,416,753.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Venture Fund X. L.P. Atlas sold 47,500 shares of the company's stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $67.65, for a total value of $3,213,375.00. Following the sale, the insider now directly owns 1,402,186 shares of the company's stock, valued at $94,857,882.90. The disclosure for this sale can be found here. Company insiders own 4.71% of the company's stock.

Institutional Investors Weigh In On Disc Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the company. Citigroup Inc. acquired a new position in shares of Disc Medicine during the 4th quarter valued at about $101,000. Geode Capital Management LLC acquired a new position in shares of Disc Medicine during the 4th quarter valued at about $540,000. ExodusPoint Capital Management LP acquired a new position in shares of Disc Medicine during the 4th quarter valued at about $601,000. Renaissance Technologies LLC acquired a new position in shares of Disc Medicine during the 4th quarter valued at about $258,000. Finally, Millennium Management LLC acquired a new position in shares of Disc Medicine during the 4th quarter valued at about $294,000. 83.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Raymond James reaffirmed an "outperform" rating and set a $40.00 target price (down from $75.00) on shares of Disc Medicine in a report on Monday, April 1st. Stifel Nicolaus increased their price objective on Disc Medicine from $71.00 to $73.00 and gave the stock a "buy" rating in a research note on Monday, April 8th. Wedbush reissued an "outperform" rating and issued a $43.00 price objective (down from $84.00) on shares of Disc Medicine in a research note on Monday, April 1st. Morgan Stanley reduced their price objective on Disc Medicine from $75.00 to $40.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 2nd. Finally, BMO Capital Markets reduced their price objective on Disc Medicine from $80.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.29.

Disc Medicine Company Profile

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.

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