Zacks Investment Research downgraded shares of Corcept Therapeutics (NASDAQ:CORT) from a buy rating to a hold rating in a research report report published on Wednesday, January 3rd.
According to Zacks, “Corcept missed the earnings estimates but beat revenues in the third quarter of 2017. Corcept Cushing's syndrome drug- Korlym is performing well and based on its growth prospects, the company raised its revenue guidance for 2017 in the third quarter. Notably, its efforts to expand Korlym’s label are encouraging and should boost the drug’s commercial potential significantly. The company is evaluating its most advanced candidate CORT125134 in phase II study for Cushing's syndrome and the successful development of its pipeline candidates will further boost the company’s portfolio and will lead to increased sales. Corcept’s share price movement shows that the stock has outperformed the Zacks classified Medical-Drugs industry year to date. However, Corcept is solely dependent on Korlym for growth. A decline in Korlym sales will largely hinder the company’s growth prospects.”
Several other research analysts have also commented on CORT. BidaskClub raised shares of Corcept Therapeutics from a hold rating to a buy rating in a research note on Thursday, December 14th. Piper Jaffray Companies reaffirmed a buy rating and set a $24.00 price objective on shares of Corcept Therapeutics in a research note on Wednesday, October 11th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $21.00.
Shares of Corcept Therapeutics (NASDAQ CORT) opened at $20.65 on Wednesday. Corcept Therapeutics has a fifty-two week low of $6.70 and a fifty-two week high of $21.00. The stock has a market cap of $2,379.49, a P/E ratio of 71.90 and a beta of 1.89.
Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Thursday, November 2nd. The biotechnology company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). Corcept Therapeutics had a net margin of 27.28% and a return on equity of 58.17%. The business had revenue of $42.70 million during the quarter, compared to analysts’ expectations of $41.64 million. During the same period last year, the business posted $0.02 earnings per share. The company’s revenue for the quarter was up 96.8% compared to the same quarter last year. analysts predict that Corcept Therapeutics will post 0.47 EPS for the current year.
In other Corcept Therapeutics news, Director G Leonard Baker, Jr. sold 30,000 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $17.59, for a total value of $527,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert S. Fishman sold 8,000 shares of the business’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $18.67, for a total transaction of $149,360.00. Following the completion of the transaction, the insider now owns 8,000 shares of the company’s stock, valued at $149,360. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock valued at $810,820 over the last 90 days. 19.20% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. California Public Employees Retirement System boosted its position in Corcept Therapeutics by 3.6% in the second quarter. California Public Employees Retirement System now owns 148,200 shares of the biotechnology company’s stock valued at $1,749,000 after buying an additional 5,200 shares during the last quarter. Rhumbline Advisers boosted its position in Corcept Therapeutics by 21.5% in the second quarter. Rhumbline Advisers now owns 87,672 shares of the biotechnology company’s stock valued at $1,035,000 after buying an additional 15,494 shares during the last quarter. Prudential Financial Inc. boosted its position in Corcept Therapeutics by 3,409.5% in the second quarter. Prudential Financial Inc. now owns 633,223 shares of the biotechnology company’s stock valued at $7,472,000 after buying an additional 615,180 shares during the last quarter. Timpani Capital Management LLC purchased a new stake in Corcept Therapeutics in the second quarter valued at approximately $1,484,000. Finally, Shaker Investments LLC OH purchased a new stake in Corcept Therapeutics in the third quarter valued at approximately $2,202,000. Institutional investors and hedge funds own 64.64% of the company’s stock.
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About Corcept Therapeutics
Corcept Therapeutics Incorporated is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. The Company is developing mifepristone, a compound that modulates the effects of cortisol by acting as a competitive antagonist at the glucocorticoid receptor (GR).
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