Corcept Therapeutics (CORT) Rating Increased to Buy at BidaskClub

Corcept Therapeutics (NASDAQ:CORT) was upgraded by BidaskClub from a “hold” rating to a “buy” rating in a report issued on Thursday, March 15th.

A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Piper Jaffray set a $30.00 target price on shares of Corcept Therapeutics and gave the company a “buy” rating in a research report on Monday, February 5th. Stifel Nicolaus reduced their target price on shares of Corcept Therapeutics from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, February 5th. Finally, B. Riley started coverage on shares of Corcept Therapeutics in a research report on Thursday, March 8th. They issued a “buy” rating and a $30.00 target price for the company. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $22.80.

NASDAQ:CORT traded down $0.43 during trading hours on Thursday, reaching $16.15. 1,485,781 shares of the company were exchanged, compared to its average volume of 1,526,799. The stock has a market capitalization of $1,903.89, a PE ratio of 36.70 and a beta of 1.88. Corcept Therapeutics has a twelve month low of $8.90 and a twelve month high of $25.96.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Thursday, February 22nd. The biotechnology company reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.02). The business had revenue of $53.30 million during the quarter, compared to analyst estimates of $53.30 million. Corcept Therapeutics had a net margin of 81.11% and a return on equity of 53.35%. Corcept Therapeutics’s quarterly revenue was up 123.9% on a year-over-year basis. During the same quarter last year, the company earned $0.04 earnings per share. equities research analysts predict that Corcept Therapeutics will post 0.96 earnings per share for the current year.

In related news, insider Robert S. Fishman sold 8,000 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $16.60, for a total value of $132,800.00. Following the completion of the sale, the insider now owns 8,000 shares of the company’s stock, valued at $132,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Renee D. Gala acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 7th. The stock was purchased at an average cost of $15.51 per share, with a total value of $155,100.00. Following the acquisition, the director now directly owns 1,000 shares of the company’s stock, valued at approximately $15,510. The disclosure for this purchase can be found here. Insiders sold 24,000 shares of company stock valued at $407,520 in the last three months. 19.20% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of Corcept Therapeutics by 47.0% in the fourth quarter. BlackRock Inc. now owns 11,399,287 shares of the biotechnology company’s stock valued at $205,871,000 after purchasing an additional 3,642,737 shares during the period. Ingalls & Snyder LLC grew its holdings in shares of Corcept Therapeutics by 0.6% in the fourth quarter. Ingalls & Snyder LLC now owns 6,923,695 shares of the biotechnology company’s stock valued at $125,042,000 after purchasing an additional 44,597 shares during the period. Consonance Capital Management LP grew its holdings in shares of Corcept Therapeutics by 48.9% in the fourth quarter. Consonance Capital Management LP now owns 5,779,506 shares of the biotechnology company’s stock valued at $104,378,000 after purchasing an additional 1,897,283 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Corcept Therapeutics by 35.0% in the fourth quarter. Renaissance Technologies LLC now owns 4,954,500 shares of the biotechnology company’s stock valued at $89,478,000 after purchasing an additional 1,284,745 shares during the period. Finally, Acadian Asset Management LLC grew its holdings in shares of Corcept Therapeutics by 8.1% in the fourth quarter. Acadian Asset Management LLC now owns 2,480,848 shares of the biotechnology company’s stock valued at $44,803,000 after purchasing an additional 185,454 shares during the period. 77.22% of the stock is owned by hedge funds and other institutional investors.

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Corcept Therapeutics Company Profile

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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