Corcept Therapeutics Rating Lowered to Hold at Stifel Nicolaus (CORT)
Corcept Therapeutics (NASDAQ:CORT) was downgraded by stock analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report issued on Monday, TheFlyOnTheWall.com reports.
The analysts wrote, “In 3Q, CORT reported revenues of $2.6mn (39% q/q) with a modest pickup in prescription trends,” the report said. “Korlym prescriber base and repeat prescriptions continue to expand, along with average dose per patient (moving towards 750mg/patient). With some progress in hand, the company is expected to provide its first guidance in 2014. CORT continues with clinical development of Korlym in psychotic major depression (PMD) as well as other selective GR-II antagonists. However, given rapid share price appreciation yet continued slow trajectory of launch, we believe shares are now fairly valued and, as a result, we are downgrading CORT to Hold.”
Corcept Therapeutics (NASDAQ:CORT) traded down 13.07% on Monday, hitting $3.26. 1,151,546 shares of the company’s stock traded hands. Corcept Therapeutics has a 52 week low of $1.47 and a 52 week high of $3.83. The stock’s 50-day moving average is $2.71 and its 200-day moving average is $1.9. The company’s market cap is $325.4 million.
Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.08) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.12) by $0.04. The company had revenue of $2.60 million for the quarter, compared to the consensus estimate of $2.70 million. On average, analysts predict that Corcept Therapeutics will post $-0.46 earnings per share for the current fiscal year.
Corcept Therapeutics Inc is a United States-based pharmaceutical company. The Company is involved in the discovery and development of drugs that regulate the effects of cortisol or also known as the stress hormone.
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