Zacks Investment Research upgraded shares of Corcept Therapeutics (NASDAQ:CORT) from a sell rating to a hold rating in a research note released on Wednesday morning.
According to Zacks, “Corcept is making good progress with its Cushing's syndrome drug, Korlym. Notably, its efforts to expand Korlym’s label are encouraging and should boost the drug’s commercial potential significantly. The company is also making attempts to develop its pipeline with its most advanced candidate relacorilant (CORT125134), currently under evaluation in a phase II study for Cushing's syndrome.The successful development of its pipeline candidates will further boost the company’s portfolio and lead to increased sales. However, Corcept’s share price movement shows that the stock has underperformed the industry year to date. Moreover, Corcept is solely dependent on Korlym for growth. A decline in Korlym sales will hinder the company’s growth prospects in the future quarters.”
Other equities analysts also recently issued research reports about the company. BidaskClub raised Corcept Therapeutics from a hold rating to a buy rating in a research report on Saturday, September 1st. B. Riley reduced their price target on Corcept Therapeutics from $30.00 to $22.00 and set a buy rating for the company in a research report on Monday, August 13th. ValuEngine downgraded Corcept Therapeutics from a buy rating to a hold rating in a research report on Friday, June 22nd. Stifel Nicolaus reiterated a hold rating and set a $11.00 price objective (down previously from $20.00) on shares of Corcept Therapeutics in a research note on Friday, August 10th. Finally, Cantor Fitzgerald set a $17.00 price objective on Corcept Therapeutics and gave the stock a hold rating in a research note on Monday, October 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $21.83.
NASDAQ:CORT traded down $0.68 during trading hours on Wednesday, reaching $12.24. 1,643,057 shares of the stock were exchanged, compared to its average volume of 1,484,093. Corcept Therapeutics has a twelve month low of $11.55 and a twelve month high of $25.96. The company has a market cap of $1.63 billion, a P/E ratio of 27.82 and a beta of 1.62.
Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Thursday, August 9th. The biotechnology company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.04). Corcept Therapeutics had a return on equity of 38.53% and a net margin of 68.32%. The firm had revenue of $62.31 million for the quarter, compared to analyst estimates of $68.49 million. During the same period last year, the company earned $0.13 EPS. The company’s revenue was up 75.2% compared to the same quarter last year. As a group, research analysts forecast that Corcept Therapeutics will post 0.6 EPS for the current year.
In other news, insider Robert S. Fishman sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $14.15, for a total transaction of $113,200.00. Following the sale, the insider now owns 8,000 shares in the company, valued at approximately $113,200. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director G Leonard Baker, Jr. acquired 105,792 shares of the company’s stock in a transaction dated Friday, August 17th. The shares were bought at an average price of $12.50 per share, for a total transaction of $1,322,400.00. Following the purchase, the director now owns 876,838 shares in the company, valued at $10,960,475. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 321,159 shares of company stock worth $4,025,880 and have sold 24,000 shares worth $335,280. Corporate insiders own 15.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Asset Management One Co. Ltd. bought a new stake in Corcept Therapeutics in the 1st quarter valued at $150,000. Stifel Financial Corp bought a new stake in Corcept Therapeutics in the 1st quarter valued at $182,000. Envestnet Asset Management Inc. raised its stake in Corcept Therapeutics by 4,340.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 13,054 shares of the biotechnology company’s stock valued at $216,000 after acquiring an additional 12,760 shares during the period. Engineers Gate Manager LP bought a new stake in Corcept Therapeutics in the 2nd quarter valued at $213,000. Finally, Stevens Capital Management LP bought a new stake in Corcept Therapeutics in the 2nd quarter valued at $214,000. Institutional investors own 74.78% of the company’s stock.
About Corcept Therapeutics
Corcept Therapeutics Incorporated, a pharmaceutical company, discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and psychiatric disorders in the United States. The company offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery, as well as develops CLIA-validated assay to measure FKBP5 gene expression.
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