IRON: We See Modest Upside on the Positive Type A Meeting; APOLLO Read Out in 4Q26 Is Key Catalyst

研报英文原文证据摘录

IRON: We See Modest Upside on the Positive Type A Meeting; APOLLO Read Out in 4Q26 Is Key Catalyst

Equity Research

Flash Comment — June 9, 2026

Biotechnology

Disc Medicine, Inc.

We See Modest Upside on the Positive Type A Meeting; Overweight

APOLLO Read Out in 4Q26 Is Key Catalyst Price Target: $79.00

Ticker IRON

Our Call Upside/(Downside) to Target 20.1%

We think shares could trade up +5-10% on the alignment with the FDA that bito's Ph3 can Price (06/08/2026) $65.80

serve as the response to the CRL and potentially support a traditional approval—offering 52 Week Range $40.00 - 99.50

needed clarity. We remain positive ahead of Ph3 data expected in 4Q26. Market Cap (MM) $2,533

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

What happened? IRON aligned with the FDA that bito's Ph3 APOLLO study, if successful, Derek Archila

can serve as the basis for a CRL response and potentially support a traditional approval. Equity Analyst | Wells Fargo Securities, LLC

Derek.Archila@wellsfargo.com | 617-603-4353

In addition, submission of a CRL response is still on track by YE26. This is in line with our

expectations and fact that APOLLO's trial design was already accepted as a confirmatory Hao Shen, PhD

trial in Dec 2024 in a prior Type C meeting. Associate Equity Analyst | Wells Fargo Securities, LLC Hao.Shen@wellsfargo.com | 212-214-8047

Jacob Goell, PhD

What are the implications? We view today's update as an important de-risking event Associate Equity Analyst | Wells Fargo Securities, LLC

that reduces regulatory uncertainty ahead of the APOLLO read out. Our positive view on Jacob.Goell@wellsfargo.com | 650-245-0208

the trial is supported by bito's prior data, the recent Jan.