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

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

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

Corcept Therapeutics Price Performance

NASDAQ CORT opened at $59.03 on Monday. Corcept Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $61.66. The stock’s 50-day moving average is $48.41 and its two-hundred day moving average is $38.07. 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 current ratio of 3.70 and a quick ratio of 3.64.

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

Insiders Place Their Bets

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $59.88, for a total value of $131,736.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William Guyer sold 6,606 shares of Corcept Therapeutics stock in a transaction on Friday, November 1st. The stock was sold at an average price of $48.97, for a total transaction of $323,495.82. Following the sale, the insider now owns 5,796 shares in the company, valued at $283,830.12. This represents a 53.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,200 shares of company stock worth $1,483,516. 20.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CORT. Jacobs Levy Equity Management Inc. bought a new position in shares of Corcept Therapeutics during the 1st quarter worth approximately $18,426,000. FMR LLC lifted 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 valued at $63,122,000 after acquiring an additional 269,074 shares during the period. M&G PLC acquired a new stake in shares of Corcept Therapeutics in the 3rd quarter valued at $11,173,000. Janus Henderson Group PLC grew its holdings in shares of 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 last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of 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. 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.