Zacks Investment Research lowered shares of Corcept Therapeutics (NASDAQ:CORT) from a hold rating to a sell rating in a research report released on Thursday.
According to Zacks, “Corcept is making good progress with its Cushing's syndrome drug, Korlym. Notably, its efforts to expand Korlym’s label are encouraging and should boost the drug’s commercial potential significantly. The company is also making attempts to develop its pipeline with its most advanced candidate relacorilant (CORT125134), currently under evaluation in a phase II study for Cushing's syndrome.The successful development of its pipeline candidates will further boost the company’s portfolio and lead to increased sales. However, Corcept’s share price movement shows that the stock has underperformed the industry year to date. Moreover, Corcept is solely dependent on Korlym for growth. A decline in Korlym sales will hinder the company’s growth prospects in the future quarters.”
A number of other equities analysts have also commented on the company. ValuEngine lowered Corcept Therapeutics from a hold rating to a sell rating in a research note on Wednesday, September 5th. BidaskClub upgraded Corcept Therapeutics from a hold rating to a buy rating in a research note on Saturday, September 1st. Cantor Fitzgerald assumed coverage on Corcept Therapeutics in a research note on Thursday, August 23rd. They issued a neutral rating and a $17.00 price objective on the stock. B. Riley dropped their price objective on Corcept Therapeutics from $30.00 to $22.00 and set a buy rating on the stock in a research note on Monday, August 13th. Finally, Stifel Nicolaus reiterated a hold rating and issued a $11.00 price objective (down from $20.00) on shares of Corcept Therapeutics in a research note on Friday, August 10th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Corcept Therapeutics has a consensus rating of Hold and an average target price of $21.83.
Corcept Therapeutics stock opened at $14.39 on Thursday. The stock has a market capitalization of $1.64 billion, a PE ratio of 25.29 and a beta of 1.55. Corcept Therapeutics has a 52 week low of $11.55 and a 52 week high of $25.96.
Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Thursday, August 9th. The biotechnology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.04). The business had revenue of $62.31 million during the quarter, compared to the consensus estimate of $68.49 million. Corcept Therapeutics had a return on equity of 38.53% and a net margin of 68.32%. The company’s revenue for the quarter was up 75.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 earnings per share. research analysts predict that Corcept Therapeutics will post 0.6 EPS for the current fiscal year.
In other news, Director G Leonard Baker, Jr. purchased 179,686 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were purchased at an average cost of $12.48 per share, for a total transaction of $2,242,481.28. Following the completion of the purchase, the director now directly owns 876,838 shares of the company’s stock, valued at approximately $10,942,938.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Robert S. Fishman sold 8,000 shares of the business’s stock in a transaction dated Friday, July 6th. The shares were sold at an average price of $15.09, for a total value of $120,720.00. Following the transaction, the insider now owns 8,000 shares in the company, valued at $120,720. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 321,159 shares of company stock worth $4,025,880 and have sold 24,000 shares worth $350,480. Insiders own 15.00% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Tyers Asset Management LLC bought a new position in Corcept Therapeutics during the first quarter valued at about $136,000. Asset Management One Co. Ltd. bought a new position in Corcept Therapeutics during the first quarter valued at about $150,000. Riverhead Capital Management LLC bought a new position in Corcept Therapeutics during the first quarter valued at about $155,000. Flinton Capital Management LLC bought a new position in Corcept Therapeutics during the first quarter valued at about $173,000. Finally, Stifel Financial Corp bought a new position in Corcept Therapeutics during the first quarter valued at about $182,000. Hedge funds and other institutional investors own 74.79% of the company’s stock.
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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