Zacks Investment Research cut shares of Corcept Therapeutics (NASDAQ:CORT) from a hold rating to a sell rating in a report published on Thursday.
According to Zacks, “Corcept is making good progress with its Cushing's syndrome drug, Korlym. Notably, its efforts to expand Korlym’s label are encouraging and should boost the drug’s commercial potential significantly. The company is also making attempts to develop its pipeline with its most advanced candidate relacorilant (CORT125134), currently under evaluation in a phase II study for Cushing's syndrome.The successful development of its pipeline candidates will further boost the company’s portfolio and lead to increased sales. However, Corcept’s share price movement shows that the stock has underperformed the industry year to date. Moreover, Corcept is solely dependent on Korlym for growth. A decline in Korlym sales will hinder the company’s growth prospects in the future quarters.”
Several other analysts have also commented on the company. Stifel Nicolaus lowered Corcept Therapeutics from a buy rating to a hold rating and set a $20.00 price target on the stock. in a research note on Thursday, May 31st. ValuEngine raised Corcept Therapeutics from a sell rating to a hold rating in a research note on Thursday, August 30th. B. Riley decreased their price target on Corcept Therapeutics from $30.00 to $22.00 and set a buy rating on the stock in a research note on Monday, August 13th. BidaskClub raised Corcept Therapeutics from a sell rating to a hold rating in a research note on Tuesday, August 7th. Finally, Cantor Fitzgerald started coverage on Corcept Therapeutics in a research note on Thursday, August 23rd. They issued a neutral rating and a $17.00 price target on the stock. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $21.83.
Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Thursday, August 9th. The biotechnology company reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.04). The company had revenue of $62.31 million during the quarter, compared to analyst estimates of $68.49 million. Corcept Therapeutics had a net margin of 68.32% and a return on equity of 38.53%. Corcept Therapeutics’s quarterly revenue was up 75.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.13 EPS. equities analysts forecast that Corcept Therapeutics will post 0.6 earnings per share for the current year.
In other Corcept Therapeutics news, insider Robert S. Fishman sold 8,000 shares of the business’s stock in a transaction on Tuesday, August 7th. The stock was sold at an average price of $14.15, for a total value of $113,200.00. Following the transaction, the insider now owns 8,000 shares of the company’s stock, valued at $113,200. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director G Leonard Baker, Jr. acquired 35,681 shares of Corcept Therapeutics stock in a transaction on Monday, August 20th. The stock was acquired at an average cost of $12.92 per share, for a total transaction of $460,998.52. Following the purchase, the director now owns 876,838 shares of the company’s stock, valued at approximately $11,328,746.96. The disclosure for this purchase can be found here. In the last three months, insiders acquired 321,159 shares of company stock worth $4,025,880 and sold 24,000 shares worth $350,480. 15.00% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the business. Tyers Asset Management LLC acquired a new position in Corcept Therapeutics in the first quarter worth $136,000. Asset Management One Co. Ltd. acquired a new position in Corcept Therapeutics in the first quarter worth $150,000. Riverhead Capital Management LLC acquired a new position in Corcept Therapeutics in the first quarter worth $155,000. Flinton Capital Management LLC acquired a new position in Corcept Therapeutics in the first quarter worth $173,000. Finally, Stifel Financial Corp acquired a new position in Corcept Therapeutics in the first quarter worth $182,000. 74.79% of the stock is currently owned by institutional investors.
About Corcept Therapeutics
Corcept Therapeutics Incorporated, a pharmaceutical company, discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and psychiatric disorders in the United States. The company offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery, as well as develops CLIA-validated assay to measure FKBP5 gene expression.
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