Disc Medicine (IRON) PT Raised to $50 at Raymond James

Raymond James analyst Danielle Brill raised the price target on Disc Medicine (NASDAQ: IRON) to $50.00 (from $43.00) while maintaining a Outperform rating.

The analyst comments "No changes to our Outperform rating following IRON’s 2Q24 business and financial results, but we are raising our PT to $50 with increased confidence in the viability of bitopertin in EPP and DISC-0974 following the results in MF anemia, both revealed at EHA (see our note). Briefly, the post-hoc analyses of bitopertin in EPP showed consistent signals of the efficacy of bitopertin on measures of light sensitivity and pain, especially once PPIX nadir was achieved (>6 wks on drug). Concerning DISC-0974, its profile in MF anemia appears best-in-class, which we feel validates hepcidin MoA and bodes well for the asset in other anemia indications (i.e., CKD). Regulatory interactions for both programs will occur in 2H24 that will help clarify the developmental path and optimal trial design. Bottom Line: We remain optimistic on the outlook for IRON and see upside potential from positive FDA feedback on the path forward for bitopertin later this year, along with upcoming 2H24 catalysts, which include: 1) updated Ph 1b data of DISC-0974 in CKD anemia and 2) data from MAD cohorts of DISC-3405."

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