Corcept Therapeutics (NASDAQ:CORT) Downgraded by Zacks Research to Strong Sell

Key Points

• Corcept Therapeutics has been downgraded by Zacks Research from a "hold" to a "strong sell" rating.
• Despite the downgrade, five analysts have rated the stock as a Buy, while one has assigned it a Sell rating, suggesting divided opinions on its potential.
• Insider trading activity includes CEO Joseph K. Belanoff selling 40,000 shares, reflecting a 1.38% decrease in his ownership of the stock.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Wednesday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Wall Street Zen upgraded Corcept Therapeutics from a "hold" rating to a "buy" rating in a report on Friday, September 26th. Canaccord Genuity Group restated a "buy" rating and set a $140.00 price target on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Finally, Piper Sandler lowered their price objective on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Corcept Therapeutics has an average rating of "Moderate Buy" and an average target price of $135.25.

Corcept Therapeutics Trading Up 1.5%

NASDAQ:CORT opened at $85.48 on Wednesday. The company has a 50-day moving average price of $73.42 and a 200-day moving average price of $71.91. Corcept Therapeutics has a 12 month low of $42.01 and a 12 month high of $117.33. The stock has a market cap of $9.01 billion, a price-to-earnings ratio of 75.65 and a beta of 0.46.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The firm had revenue of $194.43 million during the quarter, compared to analysts' expectations of $199.40 million. During the same period last year, the company posted $0.32 EPS. The company's quarterly revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. Equities analysts forecast that Corcept Therapeutics will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Joseph K. Belanoff sold 40,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $68.53, for a total transaction of $2,741,200.00. Following the completion of the transaction, the chief executive officer directly owned 2,861,370 shares in the company, valued at $196,089,686.10. This trade represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph Douglas Lyon sold 5,823 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $67.51, for a total value of $393,110.73. Following the transaction, the insider owned 10,066 shares of the company's stock, valued at $679,555.66. The trade was a 36.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 221,810 shares of company stock valued at $15,542,942 over the last ninety days. Insiders own 20.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio raised its holdings in Corcept Therapeutics by 269.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock worth $144,000 after acquiring an additional 2,086 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Corcept Therapeutics by 24.5% in the 1st quarter. Victory Capital Management Inc. now owns 93,418 shares of the biotechnology company's stock worth $10,670,000 after purchasing an additional 18,389 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Corcept Therapeutics in the 1st quarter worth $331,000. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Corcept Therapeutics by 883.0% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 19,660 shares of the biotechnology company's stock valued at $1,443,000 after buying an additional 17,660 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in shares of Corcept Therapeutics during the first quarter valued at $355,000. Institutional investors 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.

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