Corcept Therapeutics Inc. (NASDAQ:CORT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $7.25 target price on the stock. Zacks Investment Research’s price target would indicate a potential upside of 11.54% from the company’s previous close.

According to Zacks, “Corcept’s only marketed drug, Korlym, is approved for the once-daily oral treatment of hyperglycemia secondary to hypercortisolism in adults with endogenous Cushing’s syndrome. Corcept’s efforts to expand Korlym’s label are encouraging. Korlym is currently in a phase I/II study for the treatment of triple-negative breast cancer. Label expansion should boost the drug’s commercial potential significantly. The second-most advanced candidate in Corcept’s pipeline is CORT125134. Corcept has begun dosing patients in a phase I/II study to treat patients with solid-tumor cancers. The company is also evaluating CORT125134’s efficacy in the treatment of patients with Cushing's syndrome. Estimates have been mostly stable ahead of the company’s Q3 earnings release. However, Corcept’s dependence on a single product for growth is concerning. Any setback in the ongoing studies will adversely impact shares.”

Separately, FBR & Co reiterated an “outperform” rating and set a $12.00 price target on shares of Corcept Therapeutics in a report on Thursday, June 23rd.

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Shares of Corcept Therapeutics (NASDAQ:CORT) traded up 1.56% on Tuesday, hitting $6.50. 186,467 shares of the stock were exchanged. The company has a 50-day moving average price of $6.12 and a 200 day moving average price of $5.60. Corcept Therapeutics has a 12 month low of $3.22 and a 12 month high of $6.90. The company has a market cap of $718.86 million, a PE ratio of 722.22 and a beta of 1.40.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.02. Corcept Therapeutics had a net margin of 2.06% and a return on equity of 19.40%. The company earned $19.70 million during the quarter, compared to analyst estimates of $18.36 million. Equities analysts forecast that Corcept Therapeutics will post $0.04 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can bought a new position in shares of Corcept Therapeutics during the second quarter valued at approximately $100,000. Acrospire Investment Management LLC raised its position in shares of Corcept Therapeutics by 61.9% in the second quarter. Acrospire Investment Management LLC now owns 23,475 shares of the company’s stock valued at $128,000 after buying an additional 8,974 shares during the period. BlackRock Inc. raised its position in shares of Corcept Therapeutics by 709.7% in the second quarter. BlackRock Inc. now owns 27,699 shares of the company’s stock valued at $151,000 after buying an additional 24,278 shares during the period. Guggenheim Capital LLC raised its position in shares of Corcept Therapeutics by 5.3% in the second quarter. Guggenheim Capital LLC now owns 29,791 shares of the company’s stock valued at $163,000 after buying an additional 1,501 shares during the period. Finally, Smith Asset Management Group LP raised its position in shares of Corcept Therapeutics by 69.2% in the second quarter. Smith Asset Management Group LP now owns 30,080 shares of the company’s stock valued at $164,000 after buying an additional 12,300 shares during the period. Institutional investors and hedge funds own 41.33% of the company’s stock.

Corcept Therapeutics Company Profile

Corcept Therapeutics Inc 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’s focus is on those disorders that are associated with a steroid hormone cortisol. Elevated levels and abnormal release patterns of cortisol have been implicated in a range of human disorders.

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