BUZZ-Disc Medicine falls after flagging 'material weakness'

Reuters
01-11
BUZZ-<a href="https://laohu8.com/S/IRON">Disc Medicine</a> falls after flagging 'material weakness'

** Drug developer Disc Medicine's IRON.O shares fall ~5% to $59.46

** Company says in filing it expects to report material weakness in its internal control over financial reporting for year ending Dec. 31, 2024

** Disc Medicine adds issue due to ineffective Information Technology General Controls (ITGC) - policies aimed at keeping the company's IT systems secure and working properly - over some key financial IT systems

** Company says no misstatements have been identified in its financial statements so far

** Disc Medicine says its auditor has not completed the audit of its internal controls and cannot provide an opinion yet

** All 11 brokerages rate the stock "buy" or higher; median PT $90 - LSEG

** Company's shares gained 6.1% in 2024

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com))

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