12:36 PM EDT, 10/30/2025 (MT Newswires) -- Disc Medicine ( IRON ) is positioned for a stronger commercial path following an upsized $250 million equity offering and positive pipeline updates, Morgan Stanley said in a note Wednesday.

The firm raised its probability of success for lead drug candidate bitopertin to 85% from 80% and increased its peak market share estimate to 55% from 50%.

Morgan Stanley now projects risk-adjusted peak sales of $1.23 billion in 2035, noting that potential receipt of a priority review voucher from the US FDA could accelerate US approval to late 2025 or early 2026.

Morgan Stanley said new data also supports progress across Disc Medicine's ( IRON ) broader pipeline, including DISC-3405, while recent results for DISC-0974 showed improved markers in some anemia patients.

The company's cash position at the end of Q3 of $615.9 million before the offering, combined with net proceeds from the offering, should fund operations into 2029.

Morgan Stanley maintained its overweight rating on Disc Medicine ( IRON ) and raised its price target to $115 from $90.

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