Zacks Investment Research upgraded shares of Corcept Therapeutics (NASDAQ:CORT) from a sell rating to a hold rating in a research note published 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.”
A number of other research firms also recently weighed in on CORT. B. Riley reduced their target price on shares of Corcept Therapeutics from $30.00 to $22.00 and set a buy rating on the stock in a research report on Monday, August 13th. ValuEngine downgraded shares of Corcept Therapeutics from a hold rating to a sell rating in a research report on Thursday, July 19th. Cantor Fitzgerald initiated coverage on shares of Corcept Therapeutics in a research report on Thursday, August 23rd. They issued a neutral rating and a $17.00 target price on the stock. BidaskClub downgraded shares of Corcept Therapeutics from a hold rating to a sell rating in a research report on Wednesday, July 25th. Finally, Stifel Nicolaus reaffirmed a hold rating and issued a $11.00 target price (down from $20.00) on shares of Corcept Therapeutics in a research report on Friday, August 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $21.83.
NASDAQ CORT traded up $0.10 during trading on Wednesday, hitting $13.68. The company had a trading volume of 11,475 shares, compared to its average volume of 1,127,542. Corcept Therapeutics has a one year low of $11.55 and a one year high of $25.96. The firm has a market capitalization of $1.65 billion, a PE ratio of 30.80 and a beta of 1.55.
Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Thursday, August 9th. The biotechnology company reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.04). Corcept Therapeutics had a return on equity of 38.53% and a net margin of 68.32%. The company had revenue of $62.31 million during the quarter, compared to the consensus estimate of $68.49 million. During the same quarter last year, the company posted $0.13 earnings per share. The firm’s revenue for the quarter was up 75.2% compared to the same quarter last year. research analysts expect 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 dated Friday, September 7th. The shares were sold at an average price of $14.57, for a total value of $116,560.00. Following the sale, the insider now directly owns 8,000 shares of the company’s stock, valued at approximately $116,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director G Leonard Baker, Jr. bought 179,686 shares of Corcept Therapeutics stock in a transaction dated Wednesday, August 15th. The stock was acquired at an average cost of $12.48 per share, for a total transaction of $2,242,481.28. Following the completion of the transaction, the director now directly owns 876,838 shares in the company, valued at $10,942,938.24. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 321,159 shares of company stock worth $4,025,880 and sold 24,000 shares worth $350,480. 15.00% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Corcept Therapeutics during the 2nd quarter valued at about $318,000. BlackRock Inc. grew its position in Corcept Therapeutics by 13.2% during the 1st quarter. BlackRock Inc. now owns 12,905,164 shares of the biotechnology company’s stock valued at $212,288,000 after purchasing an additional 1,505,877 shares during the last quarter. Rhumbline Advisers grew its position in Corcept Therapeutics by 6.9% during the 2nd quarter. Rhumbline Advisers now owns 183,247 shares of the biotechnology company’s stock valued at $2,881,000 after purchasing an additional 11,790 shares during the last quarter. Intrust Bank NA grew its position in Corcept Therapeutics by 32.0% during the 2nd quarter. Intrust Bank NA now owns 15,286 shares of the biotechnology company’s stock valued at $240,000 after purchasing an additional 3,704 shares during the last quarter. Finally, Oak Ridge Investments LLC grew its position in Corcept Therapeutics by 33.6% during the 2nd quarter. Oak Ridge Investments LLC now owns 589,380 shares of the biotechnology company’s stock valued at $9,265,000 after purchasing an additional 148,212 shares during the last quarter. 74.78% of the stock is currently owned by institutional investors.
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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