Corcept Therapeutics (NASDAQ:CORT) Downgraded by StockNews.com to “Buy”

StockNews.com lowered shares of Corcept Therapeutics (NASDAQ:CORT) from a strong-buy rating to a buy rating in a research note published on Monday morning.

Several other analysts have also issued reports on the stock. Sandler O’Neill restated a “buy” rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Truist Financial boosted their price objective on Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Canaccord Genuity Group restated a “buy” rating and issued a $38.00 target price on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Finally, Piper Sandler upped their price target on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $65.25.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT opened at $58.60 on Monday. The stock’s 50-day moving average is $49.20 and its 200 day moving average is $38.52. The stock has a market cap of $6.14 billion, a price-to-earnings ratio of 46.49 and a beta of 0.45. Corcept Therapeutics has a 1-year low of $20.84 and a 1-year high of $61.66. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The firm had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. During the same period in the previous year, the business posted $0.28 EPS. The business’s quarterly revenue was up 47.7% on a year-over-year basis. On average, sell-side analysts anticipate that Corcept Therapeutics will post 1.35 EPS for the current fiscal year.

Insider Activity at Corcept Therapeutics

In related news, insider William Guyer sold 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the completion of the transaction, the insider now directly owns 6,039 shares of the company’s stock, valued at $213,176.70. This represents a 62.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Joseph Douglas Lyon sold 1,411 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $56.72, for a total transaction of $80,031.92. Following the completion of the sale, the insider now owns 8,494 shares of the company’s stock, valued at $481,779.68. This trade represents a 14.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,611 shares of company stock worth $1,563,548 over the last quarter. 20.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Capital Performance Advisors LLP bought a new position in Corcept Therapeutics during the 3rd quarter valued at approximately $25,000. Park Place Capital Corp bought a new position in Corcept Therapeutics in the 2nd quarter valued at approximately $32,000. Atwood & Palmer Inc. purchased a new stake in Corcept Therapeutics during the 2nd quarter valued at $35,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Corcept Therapeutics in the 3rd quarter worth $36,000. Finally, Blue Trust Inc. raised its stake in shares of Corcept Therapeutics by 125.4% in the second quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company’s stock worth $115,000 after purchasing an additional 1,962 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

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.