Cantor Fitzgerald Reiterates “Hold” Rating for Corcept Therapeutics (CORT)

Corcept Therapeutics (NASDAQ:CORT)‘s stock had its “hold” rating restated by stock analysts at Cantor Fitzgerald in a research report issued to clients and investors on Friday. They presently have a $17.00 price objective on the biotechnology company’s stock. Cantor Fitzgerald’s price target would suggest a potential upside of 35.03% from the stock’s current price.

The analysts wrote, “. We are Neutral on CORT with a 12-month price target of $17 based on value from Korlym. Yesterday, after market close, Corcept reported 3Q18 revenues of $64.4M & cash of $196.7M. Our model projects current cash & Korlym profits to fund operations through the P3 study of Relacorilant in Cushing’s as well as signal-seeking studies underway with several earlier candidates. 3Q call centered on sustainability of Korlym sales growth and Rela’s P3. Korlym sales grew 51% in 3Q18 compared to 3Q17. We believe that this growth is a result of the company’s effective outreach and education efforts to physicians that has yet to peak as there are prescribers it has yet to engage.””

Several other research analysts have also commented on the company. BidaskClub lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, October 19th. Zacks Investment Research upgraded Corcept Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, October 10th. ValuEngine lowered Corcept Therapeutics from a “hold” rating to a “sell” rating in a research report on Wednesday, September 5th. Finally, B. Riley lowered their price target on Corcept Therapeutics from $30.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, August 13th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Corcept Therapeutics has a consensus rating of “Hold” and an average target price of $21.83.

CORT opened at $12.59 on Friday. Corcept Therapeutics has a 52 week low of $11.21 and a 52 week high of $25.96. The firm has a market cap of $1.46 billion, a PE ratio of 21.34 and a beta of 1.80.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Thursday, November 1st. The biotechnology company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.02). Corcept Therapeutics had a return on equity of 34.60% and a net margin of 63.79%. The firm had revenue of $64.45 million for the quarter, compared to analysts’ expectations of $67.42 million. During the same quarter in the prior year, the business earned $0.10 earnings per share. The company’s quarterly revenue was up 50.7% on a year-over-year basis. As a group, equities research analysts predict that Corcept Therapeutics will post 0.6 EPS for the current year.

In related news, Director G Leonard Baker, Jr. bought 35,681 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The stock was purchased at an average cost of $12.92 per share, for a total transaction of $460,998.52. Following the completion of the acquisition, the director now owns 876,838 shares in the company, valued at approximately $11,328,746.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert S. Fishman sold 8,000 shares of Corcept Therapeutics stock in a transaction on Friday, September 7th. The shares were sold at an average price of $14.57, for a total value of $116,560.00. Following the completion of the transaction, the insider now owns 8,000 shares of the company’s stock, valued at $116,560. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 321,159 shares of company stock valued at $4,025,880 and sold 24,000 shares valued at $335,280. Company insiders own 15.00% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. HL Financial Services LLC boosted its holdings in Corcept Therapeutics by 17.9% in the third quarter. HL Financial Services LLC now owns 210,095 shares of the biotechnology company’s stock valued at $2,946,000 after purchasing an additional 31,872 shares during the period. Engineers Gate Manager LP boosted its holdings in Corcept Therapeutics by 220.6% in the third quarter. Engineers Gate Manager LP now owns 43,339 shares of the biotechnology company’s stock valued at $608,000 after purchasing an additional 29,819 shares during the period. Victory Capital Management Inc. boosted its holdings in Corcept Therapeutics by 103.6% in the third quarter. Victory Capital Management Inc. now owns 18,504 shares of the biotechnology company’s stock valued at $259,000 after purchasing an additional 9,416 shares during the period. Arizona State Retirement System boosted its holdings in Corcept Therapeutics by 10.1% in the third quarter. Arizona State Retirement System now owns 153,196 shares of the biotechnology company’s stock valued at $2,148,000 after purchasing an additional 13,994 shares during the period. Finally, Cim LLC purchased a new position in Corcept Therapeutics in the third quarter valued at $154,000. Hedge funds and other institutional investors own 74.46% 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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