Corcept Therapeutics (NASDAQ:CORT) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
Other research analysts have also issued reports about the company. Cantor Fitzgerald set a $17.00 price objective on Corcept Therapeutics and gave the company a “hold” rating in a report on Monday, October 1st. ValuEngine lowered Corcept Therapeutics from a “sell” rating to a “strong sell” rating in a report on Monday, August 13th. Stifel Nicolaus reissued a “hold” rating and issued a $11.00 price objective (down from $20.00) on shares of Corcept Therapeutics in a report on Friday, August 10th. Finally, Zacks Investment Research raised Corcept Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, September 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Corcept Therapeutics currently has an average rating of “Hold” and an average target price of $21.83.
Shares of CORT stock traded down $0.37 during mid-day trading on Friday, reaching $12.17. The stock had a trading volume of 748,800 shares, compared to its average volume of 1,467,462. The firm has a market capitalization of $1.49 billion, a PE ratio of 27.66 and a beta of 1.62. Corcept Therapeutics has a 1-year low of $11.55 and a 1-year high of $25.96.
Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Thursday, August 9th. The biotechnology company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.04). The firm had revenue of $62.31 million during the quarter, compared to analyst estimates of $68.49 million. Corcept Therapeutics had a net margin of 68.32% and a return on equity of 38.53%. The firm’s revenue for the quarter was up 75.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.13 earnings per share. On average, equities analysts expect that Corcept Therapeutics will post 0.6 earnings per share for the current year.
In related news, Director G Leonard Baker, Jr. bought 35,681 shares of the stock in a transaction dated Monday, August 20th. The shares were purchased at an average price of $12.92 per share, for a total transaction of $460,998.52. Following the completion of the purchase, the director now directly owns 876,838 shares of the company’s stock, valued at $11,328,746.96. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Robert S. Fishman sold 8,000 shares of the company’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $14.15, for a total value of $113,200.00. Following the completion of the sale, the insider now owns 8,000 shares in the company, valued at approximately $113,200. The disclosure for this sale can be found here. In the last 90 days, insiders bought 321,159 shares of company stock worth $4,025,880 and sold 24,000 shares worth $335,280. 15.00% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of CORT. BlackRock Inc. boosted its stake in shares of Corcept Therapeutics by 10.0% in the second quarter. BlackRock Inc. now owns 14,199,726 shares of the biotechnology company’s stock worth $223,220,000 after buying an additional 1,294,562 shares during the last quarter. Ingalls & Snyder LLC boosted its stake in shares of Corcept Therapeutics by 7.3% in the second quarter. Ingalls & Snyder LLC now owns 7,316,990 shares of the biotechnology company’s stock worth $115,023,000 after buying an additional 499,450 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Corcept Therapeutics in the second quarter worth about $6,891,000. KBC Group NV purchased a new stake in shares of Corcept Therapeutics in the second quarter worth about $5,803,000. Finally, Peregrine Capital Management LLC purchased a new stake in shares of Corcept Therapeutics in the third quarter worth about $4,512,000. Hedge funds and other institutional investors own 74.60% 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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