Stifel Nicolaus Initiates Coverage on Corcept Therapeutics Incorporated (CORT)
Analysts at Stifel Nicolaus started coverage on shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage set a “buy” rating and a $20.00 price target on the biotechnology company’s stock. Stifel Nicolaus’ price target points to a potential upside of 28.70% from the company’s current price.
Other analysts have also issued research reports about the company. Piper Jaffray Companies set a $18.00 price objective on Corcept Therapeutics and gave the company a “buy” rating in a research note on Monday, May 15th. BidaskClub lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, June 15th. Zacks Investment Research lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday, May 8th. Finally, TheStreet raised Corcept Therapeutics from a “c+” rating to a “b” rating in a research note on Monday, May 22nd. One research analyst has rated the stock with a sell rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Corcept Therapeutics currently has a consensus rating of “Buy” and an average price target of $15.17.
Corcept Therapeutics (NASDAQ:CORT) traded up 6.18% during trading on Thursday, reaching $16.50. 1,419,830 shares of the company’s stock traded hands. The company has a 50-day moving average price of $13.37 and a 200 day moving average price of $11.16. The firm has a market capitalization of $1.87 billion, a PE ratio of 82.09 and a beta of 2.06. Corcept Therapeutics has a one year low of $5.24 and a one year high of $16.55.
Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Tuesday, August 1st. The biotechnology company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Corcept Therapeutics had a return on equity of 51.45% and a net margin of 22.28%. The business had revenue of $35.56 million during the quarter, compared to analysts’ expectations of $31.37 million. During the same quarter last year, the business posted $0.01 earnings per share. The business’s revenue for the quarter was up 80.3% on a year-over-year basis. On average, analysts anticipate that Corcept Therapeutics will post $0.43 earnings per share for the current fiscal year.
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In other Corcept Therapeutics news, Director David L. Mahoney sold 6,510 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $12.50, for a total value of $81,375.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David L. Mahoney sold 23,006 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $12.50, for a total value of $287,575.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 42,601 shares of company stock worth $532,513. 19.20% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA raised its stake in shares of Corcept Therapeutics by 2,942.9% in the second quarter. BNP Paribas Arbitrage SA now owns 9,707 shares of the biotechnology company’s stock worth $115,000 after buying an additional 9,388 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Corcept Therapeutics by 52.6% in the second quarter. PNC Financial Services Group Inc. now owns 9,837 shares of the biotechnology company’s stock worth $116,000 after buying an additional 3,390 shares during the last quarter. Sand Hill Global Advisors LLC acquired a new stake in shares of Corcept Therapeutics during the second quarter worth about $118,000. Jasper Ridge Partners L.P. acquired a new stake in shares of Corcept Therapeutics during the second quarter worth about $118,000. Finally, Virginia Retirement Systems ET AL acquired a new stake in shares of Corcept Therapeutics during the second quarter worth about $127,000. 61.48% of the stock is currently owned by hedge funds and other institutional investors.
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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