Corcept Therapeutics Inc. (CORT) Upgraded to Buy by Zacks Investment Research
Corcept Therapeutics Inc. (NASDAQ:CORT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $7.25 price target on the stock. Zacks Investment Research’s target price indicates a potential upside of 13.28% 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 restated a “buy” rating on shares of Corcept Therapeutics in a research note on Thursday, August 4th.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/18/corcept-therapeutics-inc-cort-upgraded-to-buy-by-zacks-investment-research.html
Shares of Corcept Therapeutics (NASDAQ:CORT) traded up 0.94% on Tuesday, reaching $6.46. 56,790 shares of the company’s stock traded hands. Corcept Therapeutics has a 52 week low of $3.22 and a 52 week high of $6.90. The company has a 50 day moving average of $6.09 and a 200-day moving average of $5.59. The stock has a market capitalization of $714.44 million, a PE ratio of 717.78 and a beta of 1.40.
Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Tuesday, August 2nd. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. The business earned $19.70 million during the quarter, compared to the consensus estimate of $18.36 million. Corcept Therapeutics had a net margin of 2.06% and a return on equity of 19.40%. Equities research analysts forecast that Corcept Therapeutics will post $0.04 earnings per share for the current year.
A number of hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can bought a new stake in Corcept Therapeutics during the second quarter valued at about $100,000. Acrospire Investment Management LLC boosted its stake in 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 in the last quarter. BlackRock Inc. boosted its stake in 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 in the last quarter. Guggenheim Capital LLC boosted its stake in 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 in the last quarter. Finally, Smith Asset Management Group LP boosted its stake in 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 in the last quarter. 41.33% of the stock is currently owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Corcept Therapeutics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corcept Therapeutics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.