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

StockNews.com lowered shares of Corcept Therapeutics (NASDAQ:CORT) from a buy rating to a hold rating in a report released on Friday.

Other equities analysts have also recently issued reports about the stock. Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $78.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Piper Sandler boosted their price target on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, HC Wainwright reissued a “buy” rating and set a $115.00 price target on shares of Corcept Therapeutics in a report on Thursday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.75.

Corcept Therapeutics Price Performance

Shares of CORT opened at $60.58 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. Corcept Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $75.00. The firm has a 50-day simple moving average of $59.78 and a 200-day simple moving average of $51.22. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of 48.08 and a beta of 0.58.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). The company had revenue of $181.89 million for the quarter, compared to analyst estimates of $200.12 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. On average, equities research analysts anticipate that Corcept Therapeutics will post 1.36 earnings per share for the current year.

Insider Transactions at Corcept Therapeutics

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $68.08, for a total transaction of $149,776.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sean Maduck sold 20,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the transaction, the insider now owns 85,318 shares in the company, valued at $4,299,174.02. The trade was a 18.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,600 shares of company stock valued at $1,399,576 in the last ninety days. 20.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CORT. M&G PLC purchased a new position in shares of Corcept Therapeutics in the third quarter valued at $11,173,000. Synergy Asset Management LLC increased its holdings in Corcept Therapeutics by 131.3% during the 4th quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company’s stock valued at $22,369,000 after acquiring an additional 262,503 shares in the last quarter. Van ECK Associates Corp acquired a new position in Corcept Therapeutics during the fourth quarter worth about $4,483,000. Empowered Funds LLC purchased a new stake in shares of Corcept Therapeutics in the third quarter valued at about $1,784,000. Finally, Victory Capital Management Inc. grew its position in shares of Corcept Therapeutics by 49.2% in the third quarter. Victory Capital Management Inc. now owns 41,823 shares of the biotechnology company’s stock valued at $1,936,000 after purchasing an additional 13,787 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Company Profile

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.