Corcept Therapeutics Incorporated (NASDAQ:CORT) fell 1.5% during trading on Tuesday . The stock traded as low as $16.68 and last traded at $16.93. 683,156 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 1,105,473 shares. The stock had previously closed at $16.68.
Several brokerages have commented on CORT. Zacks Investment Research cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, October 10th. Piper Jaffray Companies set a $30.00 price target on Corcept Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, October 31st. BidaskClub cut Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Stifel Nicolaus assumed coverage on Corcept Therapeutics in a research note on Thursday, August 31st. They issued a “buy” rating and a $20.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $18.20.
The company has a market cap of $1,903.59, a P/E ratio of 57.52 and a beta of 1.89.
Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by ($0.02). The firm had revenue of $42.70 million during the quarter, compared to the consensus estimate of $41.64 million. Corcept Therapeutics had a net margin of 27.28% and a return on equity of 58.17%. The company’s quarterly revenue was up 96.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 EPS. research analysts forecast that Corcept Therapeutics Incorporated will post 0.47 earnings per share for the current fiscal year.
In related news, Director G Leonard Baker, Jr. sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $17.59, for a total value of $527,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 19.20% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the company. Suntrust Banks Inc. increased its position in shares of Corcept Therapeutics by 4.0% during the second quarter. Suntrust Banks Inc. now owns 12,308 shares of the biotechnology company’s stock valued at $145,000 after purchasing an additional 471 shares during the period. Strs Ohio grew its position in Corcept Therapeutics by 2.0% in the second quarter. Strs Ohio now owns 72,900 shares of the biotechnology company’s stock valued at $860,000 after acquiring an additional 1,400 shares during the period. TIAA CREF Investment Management LLC grew its position in Corcept Therapeutics by 0.7% in the second quarter. TIAA CREF Investment Management LLC now owns 347,171 shares of the biotechnology company’s stock valued at $4,097,000 after acquiring an additional 2,360 shares during the period. PNC Financial Services Group Inc. grew its position in Corcept Therapeutics by 52.6% in the second quarter. PNC Financial Services Group Inc. now owns 9,837 shares of the biotechnology company’s stock valued at $116,000 after acquiring an additional 3,390 shares during the period. Finally, American International Group Inc. grew its position in Corcept Therapeutics by 8.1% in the third quarter. American International Group Inc. now owns 61,110 shares of the biotechnology company’s stock valued at $1,179,000 after acquiring an additional 4,569 shares during the period. Institutional investors own 64.71% of the company’s stock.
About Corcept Therapeutics
Corcept Therapeutics Incorporated is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. The Company is developing mifepristone, a compound that modulates the effects of cortisol by acting as a competitive antagonist at the glucocorticoid receptor (GR).
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