Stifel Nicolaus Cuts Corcept Therapeutics (CORT) Price Target to $20.00

Corcept Therapeutics (NASDAQ:CORT) had its price target dropped by stock analysts at Stifel Nicolaus from $25.00 to $20.00 in a report issued on Monday, The Fly reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Stifel Nicolaus’ target price indicates a potential upside of 16.01% from the company’s current price.

CORT has been the topic of several other reports. Zacks Investment Research lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. BidaskClub raised Corcept Therapeutics from a “hold” rating to a “buy” rating in a research note on Thursday, January 11th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $24.00 price objective on shares of Corcept Therapeutics in a research note on Wednesday, October 11th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $21.00.

Corcept Therapeutics (CORT) traded down $6.22 on Monday, hitting $17.24. The stock had a trading volume of 6,715,445 shares, compared to its average volume of 2,186,282. The firm has a market cap of $2,677.35, a price-to-earnings ratio of 59.42 and a beta of 1.68. Corcept Therapeutics has a 12 month low of $7.58 and a 12 month high of $25.96.

In related news, Director G Leonard Baker, Jr. sold 30,000 shares of the firm’s stock in a transaction dated 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 SEC, which can be accessed through the SEC website. Also, insider Robert S. Fishman sold 8,000 shares of the firm’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $18.67, for a total value of $149,360.00. Following the completion of the sale, the insider now directly owns 8,000 shares in the company, valued at $149,360. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock worth $810,820 over the last ninety days. 19.20% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in CORT. Vanguard Group Inc. boosted its stake in Corcept Therapeutics by 18.4% in the second quarter. Vanguard Group Inc. now owns 4,440,064 shares of the biotechnology company’s stock valued at $52,394,000 after buying an additional 689,554 shares in the last quarter. Wells Fargo & Company MN raised its position in Corcept Therapeutics by 644.4% in the third quarter. Wells Fargo & Company MN now owns 715,261 shares of the biotechnology company’s stock valued at $13,805,000 after purchasing an additional 619,180 shares during the last quarter. Prudential Financial Inc. raised its position in Corcept Therapeutics by 74.1% in the third quarter. Prudential Financial Inc. now owns 1,102,483 shares of the biotechnology company’s stock valued at $21,278,000 after purchasing an additional 469,260 shares during the last quarter. State Street Corp raised its position in Corcept Therapeutics by 26.1% in the second quarter. State Street Corp now owns 2,028,013 shares of the biotechnology company’s stock valued at $23,931,000 after purchasing an additional 420,139 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Corcept Therapeutics by 83.5% in the second quarter. Dimensional Fund Advisors LP now owns 849,319 shares of the biotechnology company’s stock valued at $10,022,000 after purchasing an additional 386,431 shares during the last quarter. 65.31% of the stock is currently owned by institutional investors and hedge funds.

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Corcept Therapeutics Company Profile

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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