Corcept Therapeutics (NASDAQ:CORT) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Wednesday.
A number of other brokerages also recently commented on CORT. Cantor Fitzgerald started coverage on Corcept Therapeutics in a research note on Thursday, August 23rd. They set a “neutral” rating and a $17.00 price objective for the company. Zacks Investment Research upgraded Corcept Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, October 10th. ValuEngine downgraded Corcept Therapeutics from a “hold” rating to a “sell” rating in a research note on Wednesday, September 5th. Stifel Nicolaus restated a “hold” rating and set a $11.00 price objective (down from $20.00) on shares of Corcept Therapeutics in a research note on Friday, August 10th. Finally, B. Riley lowered their price objective on Corcept Therapeutics from $30.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, August 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. Corcept Therapeutics presently has a consensus rating of “Hold” and an average price target of $21.83.
Shares of CORT opened at $13.47 on Wednesday. The firm has a market cap of $1.46 billion, a P/E ratio of 30.61 and a beta of 1.80. Corcept Therapeutics has a 12 month low of $11.21 and a 12 month high of $25.96.
Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Thursday, November 1st. The biotechnology company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.02). The company had revenue of $64.45 million for the quarter, compared to the consensus estimate of $67.42 million. Corcept Therapeutics had a return on equity of 32.96% and a net margin of 63.79%. Corcept Therapeutics’s quarterly revenue was up 50.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.10 earnings per share. On average, analysts anticipate that Corcept Therapeutics will post 0.6 earnings per share for the current year.
In other Corcept Therapeutics news, Director G Leonard Baker, Jr. purchased 179,686 shares of Corcept Therapeutics stock in a transaction on Wednesday, August 15th. The stock was bought at an average price of $12.48 per share, for a total transaction of $2,242,481.28. Following the transaction, the director now 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 Securities & Exchange Commission, which is available at this link. Also, insider Robert S. Fishman sold 8,000 shares of the business’s stock in a transaction on Monday, October 8th. The stock was sold at an average price of $13.19, for a total value of $105,520.00. Following the transaction, the insider now owns 8,000 shares of the company’s stock, valued at approximately $105,520. The disclosure for this sale can be found here. Insiders have acquired a total of 321,159 shares of company stock valued at $4,025,880 in the last quarter. 15.00% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in CORT. Cim LLC acquired a new position in Corcept Therapeutics during the 3rd quarter worth $154,000. Public Employees Retirement Association of Colorado boosted its position in Corcept Therapeutics by 145.3% during the 3rd quarter. Public Employees Retirement Association of Colorado now owns 12,525 shares of the biotechnology company’s stock worth $176,000 after acquiring an additional 7,420 shares during the period. Stifel Financial Corp acquired a new position in Corcept Therapeutics during the 1st quarter worth $182,000. Fox Run Management L.L.C. acquired a new position in Corcept Therapeutics during the 3rd quarter worth $211,000. Finally, Engineers Gate Manager LP acquired a new position in Corcept Therapeutics during the 2nd quarter worth $213,000. Institutional investors own 75.20% of the company’s stock.
About Corcept Therapeutics
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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