Corcept Therapeutics (NASDAQ:CORT) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Corcept Therapeutics from “strong-buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $138.17.
• Corcept reported quarterly EPS of $0.36, surpassing the $0.02 consensus estimate, while revenue of $256.15 million rose 31.7% year over year and exceeded expectations.
• Insiders sold approximately $43.6 million of shares over the past three months, while institutional investors and hedge funds own 93.61% of the company.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday, Zacks reports.

Several other research analysts have also weighed in on the company. Piper Sandler reissued an "overweight" rating and set a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. Wolfe Research lowered Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective for the company. in a research report on Monday, July 27th. Canaccord Genuity Group lifted their target price on Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Truist Financial assumed coverage on Corcept Therapeutics in a research note on Tuesday, August 18th. They set a "buy" rating and a $164.00 target price on the stock. Finally, Weiss Ratings upgraded Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, September 24th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $138.17.

Corcept Therapeutics Stock Performance

NASDAQ CORT opened at $86.28 on Tuesday. Corcept Therapeutics has a twelve month low of $28.66 and a twelve month high of $126.38. The stock has a market cap of $9.33 billion, a price-to-earnings ratio of 205.43 and a beta of 0.40. The firm's 50 day moving average price is $113.44 and its two-hundred day moving average price is $74.16.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.34. The company had revenue of $256.15 million for the quarter, compared to the consensus estimate of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The company's revenue was up 31.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 EPS. On average, research analysts forecast that Corcept Therapeutics will post 1.83 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director David L. Mahoney sold 103,606 shares of Corcept Therapeutics stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the completion of the sale, the director owned 1,133,539 shares of the company's stock, valued at approximately $134,040,986.75. This trade represents a 8.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William Guyer sold 16,300 shares of the business's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $113.43, for a total value of $1,848,909.00. Following the completion of the transaction, the insider owned 3,985 shares in the company, valued at $452,018.55. This trade represents a 80.35% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 374,748 shares of company stock valued at $43,609,410 in the last three months. Company insiders own 20.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CORT. Alberta Investment Management Corp bought a new position in Corcept Therapeutics during the 2nd quarter worth $9,843,000. BlackRock Inc. bought a new stake in shares of Corcept Therapeutics in the second quarter valued at about $1,080,964,000. NewEdge Wealth LLC bought a new stake in shares of Corcept Therapeutics in the second quarter valued at about $3,034,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Corcept Therapeutics in the second quarter valued at about $2,311,000. Finally, Evanson Financial LLC acquired a new position in shares of Corcept Therapeutics in the second quarter valued at about $1,085,000. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated NASDAQ: CORT is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company's research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept's primary marketed product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing's syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.