Corcept Therapeutics Incorporated (CORT) Given Average Recommendation of “Buy” by Brokerages
Corcept Therapeutics Incorporated (NASDAQ:CORT) has been given a consensus rating of “Buy” by the eight research firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, three have issued a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $16.17.
Several brokerages have issued reports on CORT. BidaskClub raised Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Friday, August 18th. Piper Jaffray Companies raised their price objective on Corcept Therapeutics from $18.00 to $24.00 in a report on Friday. TheStreet raised Corcept Therapeutics from a “c+” rating to a “b” rating in a report on Monday, May 22nd. Stifel Nicolaus began coverage on Corcept Therapeutics in a report on Thursday, August 31st. They set a “buy” rating and a $20.00 price objective on the stock. Finally, Zacks Investment Research lowered Corcept Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th.
In related 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 transaction of $81,375.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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. In the last ninety days, insiders have sold 42,601 shares of company stock worth $532,513. Corporate insiders own 19.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Birchview Capital LP grew its holdings in shares of Corcept Therapeutics by 58.3% during the second quarter. Birchview Capital LP now owns 95,000 shares of the biotechnology company’s stock worth $1,121,000 after buying an additional 35,000 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Corcept Therapeutics by 111.2% during the second quarter. Bank of Montreal Can now owns 34,931 shares of the biotechnology company’s stock worth $413,000 after buying an additional 18,389 shares during the last quarter. Teachers Advisors LLC grew its holdings in shares of Corcept Therapeutics by 45.8% during 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 purchased a new position in shares of Corcept Therapeutics during the first quarter worth about $202,000. Finally, AQR Capital Management LLC grew its holdings in shares of Corcept Therapeutics by 152.7% during the first quarter. AQR Capital Management LLC now owns 359,615 shares of the biotechnology company’s stock worth $3,941,000 after buying an additional 217,323 shares during the last quarter. 61.48% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Corcept Therapeutics (NASDAQ CORT) traded up 1.59% during mid-day trading on Friday, reaching $17.26. The company’s stock had a trading volume of 1,603,387 shares. Corcept Therapeutics has a 52 week low of $5.42 and a 52 week high of $17.50. The company’s 50-day moving average is $14.42 and its 200-day moving average is $11.68. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 85.87 and a beta of 2.07.
Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Tuesday, August 1st. The biotechnology company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The firm had revenue of $35.56 million for the quarter, compared to analyst estimates of $31.37 million. Corcept Therapeutics had a return on equity of 51.45% and a net margin of 22.28%. Corcept Therapeutics’s revenue for the quarter was up 80.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.01 earnings per share. Equities analysts predict that Corcept Therapeutics will post $0.42 EPS for the current year.
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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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