Seaport Global Securities Begins Coverage on Corcept Therapeutics (CORT)

Seaport Global Securities began coverage on shares of Corcept Therapeutics (NASDAQ:CORT) in a research note issued to investors on Friday. The brokerage issued a buy rating and a $32.00 price objective on the biotechnology company’s stock.

CORT has been the subject of a number of other reports. B. Riley assumed coverage on Corcept Therapeutics in a research report on Thursday, March 8th. They issued a buy rating and a $30.00 target price for the company. BidaskClub lowered Corcept Therapeutics from a strong-buy rating to a buy rating in a research report on Wednesday, February 7th. Stifel Nicolaus decreased their price objective on Corcept Therapeutics from $25.00 to $20.00 and set a buy rating for the company in a report on Monday, February 5th. Zacks Investment Research lowered Corcept Therapeutics from a buy rating to a hold rating in a report on Wednesday, January 3rd. Finally, Piper Jaffray set a $30.00 price objective on Corcept Therapeutics and gave the stock a buy rating in a report on Monday, February 5th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Corcept Therapeutics presently has a consensus rating of Buy and an average target price of $24.33.

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Corcept Therapeutics stock traded up $0.22 during midday trading on Friday, reaching $16.98. The stock had a trading volume of 942,703 shares, compared to its average volume of 1,333,565. Corcept Therapeutics has a 12 month low of $8.90 and a 12 month high of $25.96. The firm has a market capitalization of $1,924.56, a price-to-earnings ratio of 38.59 and a beta of 1.88.

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

In related news, Director Renee D. Gala acquired 10,000 shares of the firm’s stock in a transaction 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 owns 1,000 shares of the company’s stock, valued at approximately $15,510. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Robert S. Fishman sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $16.60, for a total value of $132,800.00. Following the sale, the insider now directly owns 8,000 shares of the company’s stock, valued at $132,800. The disclosure for this sale can be found here. Insiders have sold a total of 24,000 shares of company stock valued at $387,920 over the last three months. Corporate insiders own 19.20% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of CORT. Bank of New York Mellon Corp increased its holdings in Corcept Therapeutics by 2.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 949,023 shares of the biotechnology company’s stock worth $18,316,000 after purchasing an additional 22,673 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Corcept Therapeutics in the 3rd quarter worth approximately $5,822,000. Macquarie Group Ltd. purchased a new position in shares of Corcept Therapeutics in the 3rd quarter worth approximately $137,000. American International Group Inc. boosted its stake in shares of Corcept Therapeutics by 8.1% in the 3rd quarter. American International Group Inc. now owns 61,110 shares of the biotechnology company’s stock worth $1,179,000 after buying an additional 4,569 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Corcept Therapeutics by 644.4% in the 3rd quarter. Wells Fargo & Company MN now owns 715,261 shares of the biotechnology company’s stock worth $13,805,000 after buying an additional 619,180 shares during the last quarter. 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.

Analyst Recommendations for Corcept Therapeutics (NASDAQ:CORT)

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