Corcept Therapeutics (NASDAQ:CORT) Cut to “Buy” at StockNews.com

Corcept Therapeutics (NASDAQ:CORT) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Monday.

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

Corcept Therapeutics Stock Down 0.8 %

Shares of NASDAQ:CORT opened at $58.58 on Monday. The firm has a market cap of $6.14 billion, a PE ratio of 46.49 and a beta of 0.45. The company has a fifty day simple moving average of $48.82 and a 200 day simple moving average of $38.29. 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 has a 12-month low of $20.84 and a 12-month high of $61.66.

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

Insider Buying and Selling at Corcept Therapeutics

In other news, insider Joseph Douglas Lyon sold 1,411 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $56.72, for a total transaction of $80,031.92. Following the sale, the insider now owns 8,494 shares of the company’s stock, valued at approximately $481,779.68. The trade was a 14.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $59.88, for a total value of $131,736.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,611 shares of company stock worth $1,563,548. 20.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Several institutional investors have recently bought and sold shares of CORT. World Investment Advisors LLC bought a new stake in shares of Corcept Therapeutics during the 3rd quarter worth about $503,000. Geode Capital Management LLC raised its holdings in Corcept Therapeutics by 4.4% during the third quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock worth $110,108,000 after purchasing an additional 99,470 shares in the last quarter. Executive Wealth Management LLC acquired a new stake in Corcept Therapeutics in the third quarter worth approximately $2,804,000. Tanaka Capital Management Inc. boosted its stake in Corcept Therapeutics by 11.8% during the 3rd quarter. Tanaka Capital Management Inc. now owns 112,136 shares of the biotechnology company’s stock valued at $5,190,000 after purchasing an additional 11,860 shares in the last quarter. Finally, MML Investors Services LLC acquired a new position in shares of Corcept Therapeutics during the 3rd quarter valued at $317,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

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.