Corcept Therapeutics (NASDAQ:CORT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Corcept missed the earnings estimates but beat revenues in the third quarter of 2017. Corcept Cushing's syndrome drug- Korlym is performing well and based on its growth prospects, the company raised its revenue guidance for 2017 in the third 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.”
A number of other research analysts also recently commented on CORT. BidaskClub downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, December 20th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $24.00 target price on shares of Corcept Therapeutics in a report on Wednesday, October 11th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $21.00.
Corcept Therapeutics (NASDAQ:CORT) traded up $0.41 during trading hours on Wednesday, reaching $18.83. The company’s stock had a trading volume of 1,995,300 shares, compared to its average volume of 1,620,600. Corcept Therapeutics has a 52 week low of $6.70 and a 52 week high of $20.77. The company has a market cap of $2,150.00, a P/E ratio of 64.93 and a beta of 1.89.
Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Thursday, November 2nd. The biotechnology company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). Corcept Therapeutics had a return on equity of 58.17% and a net margin of 27.28%. The firm had revenue of $42.70 million for the quarter, compared to the consensus estimate of $41.64 million. During the same period in the prior year, the business earned $0.02 EPS. The company’s quarterly revenue was up 96.8% on a year-over-year basis. equities research analysts expect that Corcept Therapeutics will post 0.47 EPS for the current year.
In other news, Director G Leonard Baker, Jr. sold 30,000 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $17.59, for a total transaction of $527,700.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Robert S. Fishman sold 8,000 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $16.72, for a total value of $133,760.00. Following the sale, the insider now owns 8,000 shares in the company, valued at $133,760. The disclosure for this sale can be found here. 19.20% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in CORT. California Public Employees Retirement System increased its position in Corcept Therapeutics by 3.6% in the 2nd quarter. California Public Employees Retirement System now owns 148,200 shares of the biotechnology company’s stock valued at $1,749,000 after acquiring an additional 5,200 shares during the period. Rhumbline Advisers increased its position in Corcept Therapeutics by 21.5% in the 2nd quarter. Rhumbline Advisers now owns 87,672 shares of the biotechnology company’s stock valued at $1,035,000 after acquiring an additional 15,494 shares during the period. Prudential Financial Inc. increased its position in Corcept Therapeutics by 3,409.5% in the 2nd quarter. Prudential Financial Inc. now owns 633,223 shares of the biotechnology company’s stock valued at $7,472,000 after acquiring an additional 615,180 shares during the period. Timpani Capital Management LLC acquired a new stake in Corcept Therapeutics in the 2nd quarter valued at approximately $1,484,000. Finally, Shaker Investments LLC OH acquired a new stake in Corcept Therapeutics in the 3rd quarter valued at approximately $2,202,000. Institutional investors and hedge funds own 64.64% 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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