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

StockNews.com cut shares of Corcept Therapeutics (NASDAQ:CORT) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

Several other equities analysts have also issued reports on CORT. Canaccord Genuity Group lifted their price objective on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a report on Tuesday, April 1st. Piper Sandler lifted their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a report on Thursday, April 3rd. HC Wainwright lowered their target price on shares of Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Finally, Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $138.25.

Corcept Therapeutics Stock Performance

Shares of CORT stock opened at $75.08 on Wednesday. The firm has a market cap of $7.96 billion, a price-to-earnings ratio of 59.59 and a beta of 0.22. The company’s 50 day moving average is $68.56 and its 200 day moving average is $61.63. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. Corcept Therapeutics has a 52-week low of $27.30 and a 52-week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. The company had revenue of $157.21 million for the quarter, compared to analyst estimates of $177.93 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. Corcept Therapeutics’s revenue was up 7.1% compared to the same quarter last year. During the same period last year, the company posted $0.25 earnings per share. On average, sell-side analysts anticipate that Corcept Therapeutics will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider Sean Maduck sold 18,303 shares of Corcept Therapeutics stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.69, for a total transaction of $1,110,809.07. Following the completion of the sale, the insider now directly owns 85,622 shares in the company, valued at approximately $5,196,399.18. The trade was a 17.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph K. Belanoff sold 2,924 shares of Corcept Therapeutics stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.91, for a total transaction of $178,100.84. Following the sale, the chief executive officer now owns 3,019,411 shares of the company’s stock, valued at $183,912,324.01. The trade was a 0.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 236,738 shares of company stock worth $20,484,994 over the last three months. Corporate insiders own 20.80% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in CORT. Kestra Investment Management LLC acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth $27,000. Canada Pension Plan Investment Board acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth $40,000. National Bank of Canada FI acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth $42,000. Brooklyn Investment Group lifted its stake in shares of Corcept Therapeutics by 99.5% during the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company’s stock worth $43,000 after buying an additional 186 shares during the period. Finally, USA Financial Formulas acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth $54,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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.