Corcept Therapeutics (NASDAQ:CORT) Raised to “Hold” at Zacks Research

Corcept Therapeutics (NASDAQ:CORT) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research firms have also commented on CORT. UBS Group assumed coverage on shares of Corcept Therapeutics in a research report on Tuesday. They set a “neutral” rating and a $95.00 price target for the company. Wolfe Research started coverage on shares of Corcept Therapeutics in a research report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $140.00 target price on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Wall Street Zen lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, October 18th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $145.00 price target on shares of Corcept Therapeutics in a report on Tuesday, November 25th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $127.20.

Corcept Therapeutics Stock Down 7.1%

Shares of Corcept Therapeutics stock opened at $81.12 on Monday. The stock has a market capitalization of $8.53 billion, a price-to-earnings ratio of 92.18 and a beta of 0.20. Corcept Therapeutics has a twelve month low of $49.00 and a twelve month high of $117.33. The company has a current ratio of 3.14, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. The business’s 50 day simple moving average is $78.07 and its 200-day simple moving average is $74.81.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). Corcept Therapeutics had a net margin of 14.19% and a return on equity of 15.99%. The company had revenue of $207.64 million for the quarter, compared to analyst estimates of $223.78 million. During the same quarter in the prior year, the firm earned $0.41 EPS. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. Equities research analysts forecast that Corcept Therapeutics will post 1.36 earnings per share for the current year.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $79.77, for a total value of $3,190,800.00. Following the completion of the sale, the chief executive officer directly owned 2,701,370 shares in the company, valued at $215,488,284.90. This represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $79.53, for a total value of $397,650.00. Following the transaction, the insider directly owned 10,277 shares of the company’s stock, valued at approximately $817,329.81. The trade was a 32.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 261,700 shares of company stock valued at $21,002,348. 20.50% of the stock is currently owned by insiders.

Institutional Trading of Corcept Therapeutics

Several institutional investors have recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in Corcept Therapeutics by 546.9% during the third quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock worth $125,264,000 after buying an additional 1,274,215 shares in the last quarter. Norges Bank bought a new position in shares of Corcept Therapeutics in the second quarter valued at $72,048,000. TD Asset Management Inc bought a new stake in shares of Corcept Therapeutics during the 2nd quarter worth $60,179,000. Epoch Investment Partners Inc. bought a new stake in shares of Corcept Therapeutics during the 2nd quarter worth $56,181,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Corcept Therapeutics by 223.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock worth $70,632,000 after acquiring an additional 587,053 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

About Corcept Therapeutics

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.