Zacks Research Upgrades Corcept Therapeutics (NASDAQ:CORT) to Hold

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

A number of other research analysts have also recently issued reports on CORT. Piper Sandler lifted their price target on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday. Wolfe Research upgraded shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. HC Wainwright raised their target price on shares of Corcept Therapeutics from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Monday. Canaccord Genuity Group boosted their price target on Corcept Therapeutics from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. Finally, Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.67.

Corcept Therapeutics Trading Down 0.5%

CORT opened at $51.37 on Monday. The stock has a fifty day simple moving average of $39.47 and a two-hundred day simple moving average of $54.18. The company has a market cap of $5.51 billion, a price-to-earnings ratio of 146.76 and a beta of 0.36. Corcept Therapeutics has a 12-month low of $28.66 and a 12-month high of $91.00.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The business had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.17 EPS. On average, analysts predict that Corcept Therapeutics will post 0.35 EPS for the current year.

Insider Buying and Selling

In related news, insider William Guyer sold 20,000 shares of the stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $40.97, for a total transaction of $819,400.00. Following the sale, the insider directly owned 2,231 shares of the company’s stock, valued at approximately $91,404.07. This represents a 89.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director G Leonard Baker, Jr. acquired 100,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, March 17th. The shares were purchased at an average price of $33.14 per share, with a total value of $3,314,000.00. Following the completion of the purchase, the director owned 1,146,631 shares in the company, valued at $37,999,351.34. This represents a 9.55% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold a total of 66,198 shares of company stock worth $2,851,169 in the last quarter. Corporate insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in Corcept Therapeutics by 546.9% in the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock valued at $125,264,000 after acquiring an additional 1,274,215 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Corcept Therapeutics by 38.0% in the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock worth $92,892,000 after purchasing an additional 734,646 shares in the last quarter. Norges Bank purchased a new position in shares of Corcept Therapeutics in the fourth quarter worth $24,213,000. JPMorgan Chase & Co. raised its stake in shares of Corcept Therapeutics by 223.4% in the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock worth $70,632,000 after purchasing an additional 587,053 shares during the last quarter. Finally, UBS Group AG lifted its holdings in shares of Corcept Therapeutics by 413.8% during the third quarter. UBS Group AG now owns 549,938 shares of the biotechnology company’s stock valued at $45,705,000 after purchasing an additional 442,898 shares in the last quarter. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.