StockNews.com Lowers Corcept Therapeutics (NASDAQ:CORT) to Buy

StockNews.com cut shares of Corcept Therapeutics (NASDAQ:CORT) from a strong-buy rating to a buy rating in a research note released on Wednesday.

A number of other brokerages also recently issued reports on CORT. HC Wainwright lowered their price target on Corcept Therapeutics from $34.00 to $28.00 and set a buy rating for the company in a report on Tuesday, January 2nd. Truist Financial increased their price objective on Corcept Therapeutics from $36.00 to $42.00 and gave the company a buy rating in a report on Friday, February 16th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Corcept Therapeutics currently has a consensus rating of Buy and an average price target of $37.30.

Corcept Therapeutics Stock Up 1.3 %

Shares of CORT opened at $22.95 on Wednesday. The stock has a 50 day moving average price of $23.93 and a 200 day moving average price of $25.48. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 24.16 and a beta of 0.48. Corcept Therapeutics has a 52-week low of $20.87 and a 52-week high of $34.28.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Thursday, February 15th. The biotechnology company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. The firm had revenue of $135.41 million during the quarter, compared to the consensus estimate of $129.27 million. Corcept Therapeutics had a return on equity of 21.98% and a net margin of 21.86%. The firm’s quarterly revenue was up 31.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 earnings per share. On average, equities analysts anticipate that Corcept Therapeutics will post 0.92 EPS for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In other news, insider Sean Maduck sold 27,068 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $25.97, for a total transaction of $702,955.96. Following the completion of the sale, the insider now owns 74,455 shares in the company, valued at $1,933,596.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Sean Maduck sold 27,068 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $25.97, for a total transaction of $702,955.96. Following the completion of the sale, the insider now owns 74,455 shares in the company, valued at $1,933,596.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $22.00, for a total value of $48,400.00. The disclosure for this sale can be found here. Insiders sold 83,783 shares of company stock worth $2,118,996 over the last 90 days. 19.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Linden Thomas Advisory Services LLC raised its position in Corcept Therapeutics by 0.7% in the third quarter. Linden Thomas Advisory Services LLC now owns 56,116 shares of the biotechnology company’s stock worth $1,529,000 after acquiring an additional 368 shares in the last quarter. AQR Capital Management LLC raised its position in Corcept Therapeutics by 0.5% in the third quarter. AQR Capital Management LLC now owns 79,945 shares of the biotechnology company’s stock worth $2,178,000 after acquiring an additional 416 shares in the last quarter. Sei Investments Co. raised its position in Corcept Therapeutics by 3.0% in the second quarter. Sei Investments Co. now owns 14,565 shares of the biotechnology company’s stock worth $394,000 after acquiring an additional 427 shares in the last quarter. Quadrant Capital Group LLC raised its position in Corcept Therapeutics by 27.0% in the fourth quarter. Quadrant Capital Group LLC now owns 2,107 shares of the biotechnology company’s stock worth $68,000 after acquiring an additional 448 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in Corcept Therapeutics by 9.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 5,900 shares of the biotechnology company’s stock worth $192,000 after acquiring an additional 500 shares in the last quarter. Hedge funds and other institutional investors 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.