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Investing.com - Cantor Fitzgerald raised its price target on Disc Medicine (NASDAQ:IRON) to $153.00 from $132.00 on Friday, while maintaining an Overweight rating on the stock. The company, currently trading at $74.36 with a market cap of $2.59 billion, has shown remarkable momentum with a 76% gain over the past six months. According to InvestingPro data, analysts maintain a Strong Buy consensus on the stock.
The price target increase follows Disc Medicine’s announcement that it was selected as one of the initial recipients of the FDA Commissioner’s National Priority Voucher (CNPV) for its drug bitopertin in treating erythropoietic protoporphyria (EPP)/XLP.
Bitopertin, an oral GlyT1 inhibitor, is being developed to treat these rare genetic disorders that cause severe photosensitivity and can lead to painful skin reactions when patients are exposed to light.
The CNPV program is a new initiative announced by the FDA during the summer, with only nine sponsors receiving the voucher in this first cycle of the program.
Cantor Fitzgerald noted that this development directly influenced its decision to increase the 12-month price target for Disc Medicine stock.
In other recent news, Disc Medicine has received significant attention following the U.S. Food and Drug Administration’s (FDA) decision to award its investigational drug, bitopertin, a Commissioner’s National Priority Voucher (CNPV). This voucher is part of a program aimed at expediting the review process for drugs addressing national health priorities, reducing the timeframe from six months to one to two months. The company’s New Drug Application for bitopertin, aimed at treating erythropoietic protoporphyria (EPP), was submitted in September under the FDA’s accelerated approval pathway. Analysts have responded positively to this development, with H.C. Wainwright reiterating a Buy rating and setting a price target of $118.00 for Disc Medicine. Raymond James also raised its price target to $108.00, maintaining a Strong Buy rating. Similarly, Leerink Partners increased its price target to $100.00 while keeping an Outperform rating. These upgrades reflect a favorable view of bitopertin’s potential impact and the FDA’s positive reception of the drug’s application.
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