Corcept Therapeutics (NASDAQ:CORT) was downgraded by investment analysts at ValuEngine from a “hold” rating to a “sell” rating in a report issued on Wednesday.
Other analysts have also issued reports about the stock. BidaskClub raised shares of Corcept Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, September 1st. B. Riley decreased their price target on shares of Corcept Therapeutics from $30.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, August 13th. Stifel Nicolaus lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating and set a $20.00 price target for the company. in a research report on Thursday, May 31st. Finally, Cantor Fitzgerald assumed coverage on shares of Corcept Therapeutics in a research report on Thursday, August 23rd. They issued a “neutral” rating and a $17.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $21.83.
CORT stock opened at $14.19 on Wednesday. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 26.43 and a beta of 1.55. Corcept Therapeutics has a one year low of $11.55 and a one year high of $25.96.
Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results 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). The firm had revenue of $62.31 million for the quarter, compared to analysts’ expectations of $68.49 million. Corcept Therapeutics had a net margin of 68.32% and a return on equity of 38.53%. The business’s quarterly revenue was up 75.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 earnings per share. equities research analysts predict that Corcept Therapeutics will post 0.6 EPS for the current year.
In related news, insider Robert S. Fishman sold 8,000 shares of the stock in a transaction that occurred on Friday, July 6th. The shares were sold at an average price of $15.09, for a total value of $120,720.00. Following the completion of the transaction, the insider now directly owns 8,000 shares of the company’s stock, valued at approximately $120,720. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director G Leonard Baker, Jr. acquired 179,686 shares of the firm’s stock in a transaction that occurred on Wednesday, August 15th. The stock was bought at an average cost of $12.48 per share, with a total value 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. Insiders purchased a total of 321,159 shares of company stock valued at $4,025,880 over the last ninety days. 15.00% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its holdings in Corcept Therapeutics by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,197,952 shares of the biotechnology company’s stock worth $18,831,000 after buying an additional 11,001 shares during the period. California Public Employees Retirement System increased its holdings in Corcept Therapeutics by 11.0% in the 2nd quarter. California Public Employees Retirement System now owns 156,958 shares of the biotechnology company’s stock worth $2,467,000 after buying an additional 15,541 shares during the period. Capital Fund Management S.A. increased its holdings in Corcept Therapeutics by 86.1% in the 2nd quarter. Capital Fund Management S.A. now owns 310,849 shares of the biotechnology company’s stock worth $4,887,000 after buying an additional 143,801 shares during the period. Raymond James & Associates increased its holdings in Corcept Therapeutics by 20.1% in the 2nd quarter. Raymond James & Associates now owns 49,670 shares of the biotechnology company’s stock worth $781,000 after buying an additional 8,302 shares during the period. Finally, Oak Ridge Investments LLC increased its holdings in Corcept Therapeutics by 33.6% in the 2nd quarter. Oak Ridge Investments LLC now owns 589,380 shares of the biotechnology company’s stock worth $9,265,000 after buying an additional 148,212 shares during the period. 74.79% of the stock is owned by hedge funds and other 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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