Corcept Therapeutics (NASDAQ:CORT) Downgraded to “Buy” at StockNews.com

StockNews.com downgraded shares of Corcept Therapeutics (NASDAQ:CORT) from a strong-buy rating to a buy rating in a research report released on Wednesday morning.

A number of other equities research analysts have also recently commented on CORT. Truist Financial increased their target price on shares of Corcept Therapeutics from $36.00 to $42.00 and gave the company a buy rating in a research report on Friday, February 16th. HC Wainwright reduced their target price on shares of Corcept Therapeutics from $34.00 to $28.00 and set a buy rating for the company in a research report on Tuesday, January 2nd. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Corcept Therapeutics currently has an average rating of Buy and a consensus target price of $37.30.

Corcept Therapeutics Stock Down 1.7 %

CORT opened at $23.00 on Wednesday. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 24.21 and a beta of 0.48. Corcept Therapeutics has a 52-week low of $20.87 and a 52-week high of $34.28. The firm’s fifty day simple moving average is $23.92 and its two-hundred day simple moving average is $25.53.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Thursday, February 15th. The biotechnology company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.03. The business had revenue of $135.41 million for the quarter, compared to the consensus estimate of $129.27 million. Corcept Therapeutics had a net margin of 21.86% and a return on equity of 21.98%. The company’s revenue was up 31.4% compared to the same quarter last year. During the same period last year, the firm posted $0.14 earnings per share. On average, research analysts forecast that Corcept Therapeutics will post 0.92 EPS for the current year.

Insider Buying and Selling

In related news, insider Sean Maduck sold 27,068 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $25.97, for a total transaction of $702,955.96. Following the completion of the sale, the insider now directly owns 74,455 shares in the company, valued at $1,933,596.35. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Sean Maduck sold 27,068 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $25.97, for a total transaction of $702,955.96. Following the completion of the sale, the insider now directly owns 74,455 shares in the company, valued at $1,933,596.35. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $22.00, for a total transaction of $48,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 83,783 shares of company stock worth $2,118,996. Insiders own 18.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. purchased a new position in Corcept Therapeutics during the third quarter worth about $4,726,000. Allspring Global Investments Holdings LLC boosted its stake in Corcept Therapeutics by 351.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 83,697 shares of the biotechnology company’s stock worth $2,280,000 after buying an additional 65,148 shares during the period. HighTower Advisors LLC purchased a new position in Corcept Therapeutics during the third quarter worth about $580,000. Illinois Municipal Retirement Fund purchased a new position in Corcept Therapeutics during the third quarter worth about $1,460,000. Finally, Burney Co. boosted its stake in Corcept Therapeutics by 40.2% during the third quarter. Burney Co. now owns 401,263 shares of the biotechnology company’s stock worth $10,932,000 after buying an additional 115,006 shares during the period. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.