Corcept Therapeutics Incorporated (NASDAQ:CORT) Upgraded at Zacks Investment Research
Corcept Therapeutics Incorporated (NASDAQ:CORT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Corcept is evaluating its most advanced candidate CORT125134 in a phase I/II study to treat patients with solid-tumor cancers. Corcept’s share price movement shows that the stock has outperformed the Zacks classified Medical-Drugs industry year to date. Notably, its efforts to expand Korlym’s label are encouraging and should boost the drug’s commercial potential significantly. However, Corcept is solely dependent on Korlym for growth. Therefore, a decline in Korlym sales will largely hinder the company’s growth prospects. But, the company is working on developing additional candidates, which are still years away from commercialization.”
A number of other equities research analysts have also commented on CORT. Piper Jaffray Companies restated an “overweight” rating and set a $18.00 price objective (up from $12.00) on shares of Corcept Therapeutics in a research report on Wednesday, March 15th. TheStreet lowered Corcept Therapeutics from a “b-” rating to a “c+” rating in a report on Monday, May 1st. Finally, BidaskClub lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $11.75.
Corcept Therapeutics (NASDAQ:CORT) traded up 1.41% on Tuesday, hitting $12.19. 656,047 shares of the stock were exchanged. The company’s 50-day moving average is $11.49 and its 200-day moving average is $9.64. Corcept Therapeutics has a 52 week low of $5.24 and a 52 week high of $12.74. The company has a market cap of $1.38 billion, a PE ratio of 111.83 and a beta of 2.05.
Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Monday, May 1st. The biotechnology company reported $0.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.01. Corcept Therapeutics had a return on equity of 33.97% and a net margin of 13.51%. The firm had revenue of $27.60 million during the quarter, compared to analyst estimates of $25.53 million. The firm’s revenue was up 71.9% compared to the same quarter last year. On average, analysts predict that Corcept Therapeutics will post $0.26 earnings per share for the current year.
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In other news, CFO Gary Charles Robb purchased 5,600 shares of Corcept Therapeutics stock in a transaction dated Thursday, May 4th. The stock was acquired at an average cost of $9.75 per share, for a total transaction of $54,600.00. Following the acquisition, the chief financial officer now directly owns 6,858 shares in the company, valued at $66,865.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 19.20% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. bought a new position in shares of Corcept Therapeutics during the fourth quarter worth $1,401,000. Teachers Advisors LLC increased its position in shares of Corcept Therapeutics by 45.8% in the fourth quarter. Teachers Advisors LLC now owns 184,460 shares of the biotechnology company’s stock worth $1,339,000 after buying an additional 57,985 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Corcept Therapeutics during the first quarter worth $202,000. USA Financial Portformulas Corp bought a new position in shares of Corcept Therapeutics during the fourth quarter worth $280,000. Finally, Renaissance Technologies LLC increased its position in shares of Corcept Therapeutics by 169.2% in the fourth quarter. Renaissance Technologies LLC now owns 1,507,500 shares of the biotechnology company’s stock worth $10,944,000 after buying an additional 947,500 shares during the last quarter. 53.49% of the stock is currently owned by institutional investors and hedge funds.
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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