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

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

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

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $58.60 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $61.66. The stock has a market capitalization of $6.14 billion, a P/E ratio of 46.51 and a beta of 0.45. The stock has a fifty day moving average of $49.52 and a 200-day moving average of $38.66.

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

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, insider Gary Charles Robb sold 11,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total transaction of $509,080.00. Following the transaction, the insider now directly owns 22,772 shares in the company, valued at approximately $1,053,888.16. This represents a 32.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 1,411 shares of Corcept Therapeutics stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.72, for a total transaction of $80,031.92. Following the completion of the sale, the insider now owns 8,494 shares of the company’s stock, valued at $481,779.68. This represents a 14.25 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,611 shares of company stock valued at $1,563,548. Corporate insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new position in Corcept Therapeutics during the 3rd quarter worth approximately $25,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Corcept Therapeutics during the third quarter valued at approximately $36,000. Park Place Capital Corp acquired a new position in shares of Corcept Therapeutics during the second quarter worth approximately $32,000. Atwood & Palmer Inc. acquired a new stake in Corcept Therapeutics in the 2nd quarter valued at $35,000. Finally, GAMMA Investing LLC increased its stake in Corcept Therapeutics by 85.4% during the 3rd quarter. GAMMA Investing LLC now owns 2,490 shares of the biotechnology company’s stock valued at $115,000 after purchasing an additional 1,147 shares in the last quarter. Institutional investors own 93.61% of the company’s stock.

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.