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Summary

  • Disc Medicine reported an increase in its cash position for Q1 2023 on May 15, 2023.
  • Brokers retained their “Buy” ratings on the stock following the release of Q1 2023 results.
  • The consensus mean price target for the IRON stock is US$ 40.75, which is 20.56% higher than its closing price of US$ 33.8 on May 19, 2023.

As Disc Medicine reported a bump in its cash position during Q1 2023, brokers retained their “Buy” recommendations on the stock.

The average broker recommendation for Disc Medicine, as per data available on EODHD/Others, was 1.6, which falls between the “Strong Buy” and “Buy” ratings. This rating is given on a scale of one to five, ranging from “Strong Buy” to “Strong Sell”.

EODHD/Others data suggest that three analysts have given “Strong Buy” rating and five analysts have given a “Buy” rating on IRON stock. None of the analysts have given the stock a “Hold”, “Sell” or “Strong Sell” rating.

Image Source: EODHD/Others

The IRON stock closed at US$ 33.8 on May 19, 2023. Earlier this month on May 1, 2023 IRON hit its 52-week high of US$ 35.025.

Price target for Disc Medicine

Analysts believe that the stock has an upside potential of around 20%, as the consensus mean price target for the IRON stock is US$ 40.75.

Raymond James gave it an “Outperform” rating on May 16, 2023, a day after the company released its financial results. The broker gave the IRON stock a price target of US$ 50, an upside potential of 47.93% over the closing price of US$ 33.8 on May 19, 2023.

Among other brokers, Cantor Fitzgerald and LifeSci Capital retained their “Overweight” and “Outperform” ratings on the stock, respectively. Cantor Fitzgerald gave the stock a price target of US$ 45 and LifeSci Capital gave the stock a price target of US$ 37.

Meanwhile, Wedblush maintained its “Outperform” rating with a price target of US$ 41, which offers an upside potential of 21.3% over IRON’s closing price on May 19, 2023.

Financial Results of NASDAQ: IRON

For the first quarter of 2023, Disc Medicine reported a net loss of US$ 22.8 million, as compared to US$ 9.9 million for Q1 2022. As per the company reports, the increase in net loss stemmed from higher operating costs in supporting the company’s pipeline advancement.

However, the cash and cash equivalents for Q1 2023 were US$ 236.4 million, compared to US$ 194.6 million as on December 31, 2022. The company stated that this increase primarily came due to US$ 62.5 million in gross proceeds from a direct offering and US$ 15 million in gross proceeds from ATM offerings.

The cash and cash equivalents are expected to fund Disc’s operational plans into 2025.