Pinnacle Associates Ltd. Makes New Investment in Disc Medicine, Inc. $IRON

Pinnacle Associates Ltd. bought a new position in Disc Medicine, Inc. (NASDAQ:IRON) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 35,291 shares of the company’s stock, valued at approximately $2,310,000.

Several other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Disc Medicine during the 2nd quarter valued at $180,502,000. Wellington Management Group LLP raised its stake in Disc Medicine by 0.3% in the 2nd quarter. Wellington Management Group LLP now owns 1,741,351 shares of the company’s stock valued at $127,362,000 after acquiring an additional 5,975 shares during the period. Assenagon Asset Management S.A. raised its stake in Disc Medicine by 191.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,119,458 shares of the company’s stock valued at $73,280,000 after acquiring an additional 735,300 shares during the period. Opaleye Management Inc. raised its stake 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 acquiring an additional 434,000 shares during the period. Finally, Jennison Associates LLC lifted its holdings in Disc Medicine by 14.7% during the first quarter. Jennison Associates LLC now owns 610,382 shares of the company’s stock valued at $39,028,000 after purchasing an additional 78,303 shares during the last quarter. 83.70% of the stock is currently owned by institutional investors.

Disc Medicine Price Performance

Shares of NASDAQ IRON opened at $74.51 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 24.14 and a current ratio of 24.14. Disc Medicine, Inc. has a fifty-two week low of $40.00 and a fifty-two week high of $99.50. The stock has a market cap of $2.86 billion, a PE ratio of -11.32 and a beta of 0.93. The stock has a fifty day moving average of $71.25 and a 200-day moving average of $71.56.

Disc Medicine (NASDAQ:IRON) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($1.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.71) by $0.17. Equities research analysts anticipate that Disc Medicine, Inc. will post -6.61 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Kevin Bitterman sold 49,164 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $80.17, for a total value of $3,941,477.88. Following the sale, the director directly owned 13,499 shares of the company’s stock, valued at approximately $1,082,214.83. This represents a 78.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John D. Quisel sold 33,000 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $79.15, for a total transaction of $2,611,950.00. Following the completion of the transaction, the chief executive officer owned 226,064 shares of the company’s stock, valued at $17,892,965.60. This trade represents a 12.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 173,046 shares of company stock worth $13,591,034 over the last quarter. 3.76% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wall Street Zen lowered shares of Disc Medicine from a “hold” rating to a “sell” rating in a research report on Saturday, October 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Disc Medicine in a research report on Thursday, October 15th. HC Wainwright reissued a “buy” rating and issued a $120.00 price target on shares of Disc Medicine in a research report on Thursday, September 10th. Jefferies Financial Group restated a “buy” rating and set a $149.00 price target on shares of Disc Medicine in a research note on Wednesday. Finally, Wells Fargo & Company raised their price objective on shares of Disc Medicine from $86.00 to $124.00 and gave the stock an “overweight” rating in a report on Tuesday. Eleven equities research 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $122.70.

Disc Medicine 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.