Corcept Therapeutics Incorporated (NASDAQ:CORT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Corcept Cushing's syndrome franchise led by Korlym is performing well and based on its growth prospects, the company raised its revenue guidance for 2017 in the second quarter. Notably, its efforts to expand Korlym’s label are encouraging and should boost the drug’s commercial potential significantly. The company is evaluating its most advanced candidate CORT125134 in phase II study for Cushing's syndrome and the successful development of its pipeline candidates will further boost the company’s portfolio and will lead to increased sales. Corcept’s share price movement shows that the stock has outperformed the Zacks classified Medical-Drugs industry year to date. However, Corcept is solely dependent on Korlym for growth. A decline in Korlym sales will largely hinder the company’s growth prospects”
Other research analysts have also recently issued research reports about the stock. Piper Jaffray Companies upped their price target on shares of Corcept Therapeutics from $18.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 8th. Stifel Nicolaus initiated coverage on shares of Corcept Therapeutics in a report on Thursday, August 31st. They issued a “buy” rating and a $20.00 price target on the stock. BidaskClub cut shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Friday, August 4th. Finally, Ladenburg Thalmann Financial Services set a $20.00 price target on shares of Corcept Therapeutics and gave the stock a “buy” rating in a report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $16.17.
Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Tuesday, August 1st. The biotechnology company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The firm had revenue of $35.56 million for the quarter, compared to analysts’ expectations of $31.37 million. Corcept Therapeutics had a net margin of 22.28% and a return on equity of 51.45%. The business’s quarterly revenue was up 80.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.01 earnings per share. On average, equities analysts expect that Corcept Therapeutics will post $0.42 EPS for the current fiscal year.
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In related news, Director David L. Mahoney sold 6,091 shares of the stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $12.50, for a total value of $76,137.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David L. Mahoney sold 23,006 shares of the stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $12.50, for a total value of $287,575.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,601 shares of company stock worth $532,513. Insiders own 19.20% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tanaka Capital Management Inc. increased its stake in Corcept Therapeutics by 62.6% in the second quarter. Tanaka Capital Management Inc. now owns 139,397 shares of the biotechnology company’s stock valued at $1,645,000 after acquiring an additional 53,692 shares during the last quarter. California State Teachers Retirement System increased its stake in Corcept Therapeutics by 9.7% in the second quarter. California State Teachers Retirement System now owns 161,438 shares of the biotechnology company’s stock valued at $1,905,000 after acquiring an additional 14,300 shares during the last quarter. 361 Capital LLC bought a new position in Corcept Therapeutics in the second quarter valued at $428,000. The Manufacturers Life Insurance Company increased its stake in Corcept Therapeutics by 201.7% in the second quarter. The Manufacturers Life Insurance Company now owns 181,414 shares of the biotechnology company’s stock valued at $2,140,000 after acquiring an additional 121,292 shares during the last quarter. Finally, State Street Corp increased its stake 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 acquiring an additional 420,139 shares during the last quarter. 61.48% of the stock is currently owned by institutional investors and hedge funds.
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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