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

Corcept Therapeutics (NASDAQ:CORT) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Friday.

CORT has been the subject of a number of other reports. HC Wainwright upped their price objective on Corcept Therapeutics from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday. Truist Financial boosted their price target on Corcept Therapeutics from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $40.10.

Corcept Therapeutics Price Performance

CORT opened at $24.52 on Friday. Corcept Therapeutics has a 12 month low of $20.84 and a 12 month high of $34.28. The business has a 50-day moving average of $23.97 and a two-hundred day moving average of $25.20. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 23.13 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Wednesday, May 1st. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.04. Corcept Therapeutics had a net margin of 22.38% and a return on equity of 24.19%. The business had revenue of $146.80 million for the quarter, compared to analysts’ expectations of $141.19 million. During the same period last year, the company earned $0.14 earnings per share. The company’s quarterly revenue was up 38.9% on a year-over-year basis. Equities research analysts anticipate that Corcept Therapeutics will post 0.98 earnings per share for the current year.

Insider Activity at Corcept Therapeutics

In other news, CAO Joseph Douglas Lyon sold 1,000 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $26.00, for a total value of $26,000.00. Following the completion of the sale, the chief accounting officer now owns 6,774 shares of the company’s stock, valued at $176,124. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $23.59, for a total transaction of $51,898.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Joseph Douglas Lyon sold 1,000 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $26.00, for a total transaction of $26,000.00. Following the completion of the transaction, the chief accounting officer now owns 6,774 shares in the company, valued at approximately $176,124. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,583 shares of company stock worth $2,070,596. 20.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Corcept Therapeutics

Several large investors have recently modified their holdings of the business. FinTrust Capital Advisors LLC acquired a new stake in shares of Corcept Therapeutics during the third quarter worth approximately $27,000. GAMMA Investing LLC grew its holdings in Corcept Therapeutics by 90.6% during the 1st quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 579 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in Corcept Therapeutics during the 4th quarter worth $32,000. Gladius Capital Management LP bought a new stake in shares of Corcept Therapeutics in the 4th quarter worth about $36,000. Finally, Planned Solutions Inc. acquired a new stake in shares of Corcept Therapeutics in the 4th quarter valued at about $45,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

About Corcept Therapeutics

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.