Pamela Stephenson, the Chief Commercial Officer at Disc Medicine, Inc. (NASDAQ: IRON), sold 5,531 shares of the company’s common stock on February 17, 2026, at a price of $62.86 per share. The transaction generated total proceeds of $347,678.
Following the sale, Stephenson holds 80,998 shares of Disc Medicine directly. Company filings indicate the sale was executed solely to cover tax withholding obligations associated with the vesting of restricted stock units. The filing specifies that the transaction was not discretionary on Stephenson’s part.
Separately, Disc Medicine has been navigating a regulatory hurdle for its erythropoietic protoporphyria (EPP) treatment candidate, bitopertin. The U.S. Food and Drug Administration issued a Complete Response Letter that requires the company to provide additional data from the ongoing Phase 3 APOLLO study before the agency will move forward with approval consideration. That request delays the potential commercial launch of bitopertin.
In its correspondence, the FDA acknowledged that bitopertin achieves significant reductions in protoporphyrin IX (PPIX) levels. However, the agency concluded that prior trials did not adequately establish a connection between reductions in PPIX and clinical endpoints tied to sunlight exposure, leaving an evidentiary gap the company must address.
Analyst responses to the FDA action have been varied but show continued interest in the program. Stifel reduced its price target on Disc Medicine from $125 to $110 while maintaining a Buy rating. Cantor Fitzgerald moved its target down to $125 from $153 and kept an Overweight rating. BMO Capital reiterated an Outperform rating and held a $120 price target, expressing optimism about the prospect of regulatory approval in the near term.
These regulatory developments and the analyst reactions have drawn attention from investors and market observers, placing Disc Medicine’s near-term outlook under close scrutiny as the company compiles the additional APOLLO data requested by the FDA.
Summary
Pamela Stephenson sold 5,531 Disc Medicine shares for $347,678 on February 17, 2026, to satisfy tax withholding from vested restricted stock units. The sale was non-discretionary. Meanwhile, the FDA issued a Complete Response Letter for bitopertin, asking for more Phase 3 APOLLO data to support approval, and several analysts adjusted price targets while maintaining generally positive ratings.
Key points
- Insider transaction: CCO Pamela Stephenson sold 5,531 shares at $62.86 on Feb. 17, 2026, generating $347,678 and retaining 80,998 shares.
- Regulatory development: The FDA issued a Complete Response Letter for bitopertin, requesting further Phase 3 APOLLO data before considering approval.
- Analyst activity: Stifel, Cantor Fitzgerald, and BMO Capital adjusted price targets and maintained Buy/Overweight/Outperform stances, signaling sustained analyst engagement.
Risks and uncertainties
- Regulatory uncertainty - The FDA’s request for additional APOLLO data delays potential approval and the drug’s launch, affecting the company’s commercial timeline.
- Evidence linkage - Although bitopertin lowers PPIX levels, regulators found prior trials did not sufficiently link PPIX reduction to sunlight exposure-based clinical endpoints.
- Market sensitivity - Analyst target revisions and the regulatory response may influence investor sentiment and trading in the biotech and healthcare sectors.