Corcept Therapeutics (NASDAQ:CORT) Lowered to Buy at StockNews.com

StockNews.com lowered shares of Corcept Therapeutics (NASDAQ:CORTGet Rating) from a strong-buy rating to a buy rating in a report released on Friday.

A number of other equities research analysts have also recently weighed in on CORT. Jefferies Financial Group upgraded Corcept Therapeutics from a hold rating to a buy rating and increased their price target for the company from $21.00 to $35.00 in a research note on Wednesday, July 27th. HC Wainwright increased their price target on Corcept Therapeutics from $29.00 to $33.00 and gave the company a buy rating in a research note on Thursday. Finally, Truist Financial cut Corcept Therapeutics from a buy rating to a hold rating and set a $30.00 price objective on the stock. in a research report on Monday, August 1st. They noted that the move was a valuation call. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Corcept Therapeutics currently has a consensus rating of Moderate Buy and an average target price of $32.00.

Corcept Therapeutics Trading Up 1.3 %

NASDAQ CORT opened at $28.70 on Friday. The company has a market cap of $3.05 billion, a PE ratio of 30.53, a PEG ratio of 2.89 and a beta of 0.51. Corcept Therapeutics has a 12 month low of $15.82 and a 12 month high of $29.93. The stock has a 50 day moving average of $24.72 and a 200-day moving average of $22.79.

Corcept Therapeutics (NASDAQ:CORTGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The biotechnology company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). Corcept Therapeutics had a net margin of 28.75% and a return on equity of 25.53%. The business had revenue of $93.70 million during the quarter, compared to the consensus estimate of $103.23 million. During the same quarter last year, the company posted $0.18 EPS. The firm’s revenue was up 18.0% on a year-over-year basis. As a group, sell-side analysts predict that Corcept Therapeutics will post 0.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Gary Charles Robb sold 6,127 shares of the stock in a transaction on Thursday, May 19th. The stock was sold at an average price of $19.57, for a total transaction of $119,905.39. Following the sale, the insider now directly owns 36,446 shares of the company’s stock, valued at approximately $713,248.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Joseph K. Belanoff sold 279,908 shares of the firm’s stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $26.27, for a total value of $7,353,183.16. Following the sale, the chief executive officer now directly owns 2,538,218 shares of the company’s stock, valued at $66,678,986.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gary Charles Robb sold 6,127 shares of the firm’s stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $19.57, for a total value of $119,905.39. Following the completion of the sale, the insider now directly owns 36,446 shares in the company, valued at $713,248.22. The disclosure for this sale can be found here. Insiders have sold 384,780 shares of company stock worth $9,889,303 in the last 90 days. Company insiders own 16.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Several large investors have recently bought and sold shares of the business. Maryland State Retirement & Pension System boosted its stake in Corcept Therapeutics by 0.9% in the second quarter. Maryland State Retirement & Pension System now owns 38,749 shares of the biotechnology company’s stock valued at $921,000 after buying an additional 360 shares in the last quarter. Trustcore Financial Services LLC boosted its stake in shares of Corcept Therapeutics by 0.3% during the first quarter. Trustcore Financial Services LLC now owns 208,806 shares of the biotechnology company’s stock valued at $4,702,000 after purchasing an additional 570 shares in the last quarter. State of Tennessee Treasury Department boosted its stake in shares of Corcept Therapeutics by 1.0% during the first quarter. State of Tennessee Treasury Department now owns 76,933 shares of the biotechnology company’s stock valued at $1,732,000 after purchasing an additional 763 shares in the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of Corcept Therapeutics by 6.0% during the first quarter. Mutual of America Capital Management LLC now owns 13,738 shares of the biotechnology company’s stock valued at $309,000 after purchasing an additional 783 shares in the last quarter. Finally, Campbell Newman Asset Management Inc. boosted its stake in shares of Corcept Therapeutics by 2.0% during the first quarter. Campbell Newman Asset Management Inc. now owns 43,568 shares of the biotechnology company’s stock valued at $981,000 after purchasing an additional 846 shares in the last quarter. 80.03% of the stock is owned by institutional investors and hedge funds.

About Corcept Therapeutics

(Get Rating)

Corcept Therapeutics Incorporated discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and neuropsychiatric 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.

Further Reading

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