Corcept Therapeutics (NASDAQ:CORT) Rating Lowered to Buy at StockNews.com

StockNews.com downgraded shares of Corcept Therapeutics (NASDAQ:CORT) from a strong-buy rating to a buy rating in a report issued on Monday morning.

CORT has been the subject of several other research reports. Piper Sandler boosted their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 18th. Canaccord Genuity Group restated a “buy” rating and set a $38.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, July 30th. Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Truist Financial boosted their price objective on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $65.25.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $59.03 on Monday. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $61.66. The firm has a market cap of $6.19 billion, a P/E ratio of 46.85 and a beta of 0.45. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The business’s fifty day moving average is $48.41 and its two-hundred day moving average is $38.07.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The firm had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. During the same quarter in the prior year, the firm earned $0.28 EPS. The company’s revenue was up 47.7% on a year-over-year basis. Equities research analysts forecast that Corcept Therapeutics will post 1.35 earnings per share for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction on Monday, November 11th. The shares were sold at an average price of $59.88, for a total transaction of $131,736.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Gary Charles Robb sold 11,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the sale, the insider now owns 22,772 shares of the company’s stock, valued at approximately $1,053,888.16. This represents a 32.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,200 shares of company stock worth $1,483,516. 20.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Jacobs Levy Equity Management Inc. acquired a new stake in Corcept Therapeutics during the 1st quarter worth approximately $18,426,000. FMR LLC raised its holdings in shares of Corcept Therapeutics by 24.6% during the third quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock worth $63,122,000 after acquiring an additional 269,074 shares during the period. M&G PLC bought a new stake in Corcept Therapeutics in the 3rd quarter valued at $11,173,000. Janus Henderson Group PLC boosted its stake in Corcept Therapeutics by 482.6% in the 1st quarter. Janus Henderson Group PLC now owns 265,049 shares of the biotechnology company’s stock worth $6,677,000 after purchasing an additional 219,551 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Corcept Therapeutics by 20.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company’s stock worth $39,781,000 after purchasing an additional 143,507 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.