StockNews.com Downgrades Corcept Therapeutics (NASDAQ:CORT) to Buy

StockNews.com cut shares of Corcept Therapeutics (NASDAQ:CORT) from a strong-buy rating to a buy rating in a research report report published on Friday.

CORT has been the subject of several other reports. HC Wainwright lifted their price objective on shares of Corcept Therapeutics from $38.00 to $40.00 and gave the stock a buy rating in a research note on Thursday. Truist Financial lifted their price target on Corcept Therapeutics from $42.00 to $44.00 and gave the stock a buy rating in a research report on Thursday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Corcept Therapeutics currently has an average rating of Buy and a consensus target price of $40.10.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT opened at $24.52 on Friday. Corcept Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $34.28. The company has a market cap of $2.55 billion, a PE ratio of 23.13 and a beta of 0.50. The business has a 50-day simple moving average of $23.97 and a two-hundred day simple moving average of $25.18.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, May 1st. The biotechnology company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.21 by $0.04. The firm had revenue of $146.80 million during the quarter, compared to analyst estimates of $141.19 million. Corcept Therapeutics had a net margin of 22.38% and a return on equity of 24.19%. Corcept Therapeutics’s revenue was up 38.9% on a year-over-year basis. During the same period last year, the firm posted $0.14 EPS. On average, sell-side analysts predict that Corcept Therapeutics will post 0.97 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Sean Maduck sold 27,068 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $25.97, for a total transaction of $702,955.96. Following the completion of the transaction, the insider now owns 74,455 shares of the company’s stock, valued at $1,933,596.35. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Corcept Therapeutics news, insider Sean Maduck sold 27,068 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $25.97, for a total transaction of $702,955.96. Following the sale, the insider now directly owns 74,455 shares of the company’s stock, valued at approximately $1,933,596.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Joseph Douglas Lyon sold 1,000 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $26.00, for a total value of $26,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,774 shares of the company’s stock, valued at approximately $176,124. The disclosure for this sale can be found here. Insiders have sold 81,583 shares of company stock valued at $2,070,596 in the last ninety days. Insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Corcept Therapeutics by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 9,537,532 shares of the biotechnology company’s stock worth $309,779,000 after purchasing an additional 239,887 shares during the period. Parallel Advisors LLC grew its position in Corcept Therapeutics by 1.2% during the fourth quarter. Parallel Advisors LLC now owns 3,768,245 shares of the biotechnology company’s stock valued at $122,393,000 after buying an additional 44,762 shares during the period. Norden Group LLC acquired a new stake in Corcept Therapeutics during the first quarter valued at $50,081,000. Boston Trust Walden Corp increased its holdings in Corcept Therapeutics by 1.1% in the fourth quarter. Boston Trust Walden Corp now owns 1,846,924 shares of the biotechnology company’s stock valued at $59,988,000 after buying an additional 19,877 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Corcept Therapeutics by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 900,444 shares of the biotechnology company’s stock worth $29,246,000 after acquiring an additional 39,111 shares during the period. 93.61% of the stock is owned by institutional investors and hedge funds.

About Corcept Therapeutics

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.