Corcept Therapeutics (NASDAQ:CORT) Rating Lowered to Hold at Wall Street Zen

Key Points

• Corcept Therapeutics has been downgraded by Wall Street Zen from a "buy" rating to a "hold" rating, reflecting analysts' mixed sentiments about the stock.
• Despite a strong revenue growth of 18.7% year-over-year, Corcept reported $0.29 EPS for the quarter, exceeding expectations but lower than last year's $0.32 EPS.
• Insider selling was notable, with CEO Joseph K. Belanoff selling 40,000 shares, indicating potential concerns about the company's future performance.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

A number of other analysts have also recently issued reports on the company. Piper Sandler lowered their price objective on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Zacks Research cut Corcept Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Wednesday, October 1st. Canaccord Genuity Group restated a "buy" rating and set a $140.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Weiss Ratings restated a "hold (c)" rating on shares of Corcept Therapeutics in a research report on Wednesday, October 8th. Finally, HC Wainwright restated a "buy" rating and set a $145.00 price objective on shares of Corcept Therapeutics in a research report on Friday, October 10th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $135.25.

Corcept Therapeutics Trading Down 1.0%

Shares of CORT stock opened at $78.69 on Friday. Corcept Therapeutics has a 1 year low of $42.01 and a 1 year high of $117.33. The firm's fifty day simple moving average is $76.01 and its 200 day simple moving average is $73.11. The firm has a market capitalization of $8.29 billion, a P/E ratio of 69.64 and a beta of 0.46.

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

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,000 shares of the company's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $84.75, for a total value of $423,750.00. Following the sale, the insider directly owned 10,277 shares in the company, valued at $870,975.75. This represents a 32.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of the company's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $85.08, for a total value of $3,403,200.00. Following the completion of the sale, the chief executive officer owned 2,781,370 shares in the company, valued at $236,638,959.60. This trade represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 292,451 shares of company stock valued at $21,850,930. 20.80% of the stock is owned by insiders.

Institutional Trading of Corcept Therapeutics

A number of large investors have recently bought and sold shares of the stock. Golden State Wealth Management LLC acquired a new position in Corcept Therapeutics in the second quarter worth $28,000. Huntington National Bank boosted its stake in Corcept Therapeutics by 54.0% in the second quarter. Huntington National Bank now owns 479 shares of the biotechnology company's stock worth $35,000 after purchasing an additional 168 shares in the last quarter. Brooklyn Investment Group boosted its stake in Corcept Therapeutics by 99.5% in the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after purchasing an additional 186 shares in the last quarter. Employees Retirement System of Texas acquired a new position in Corcept Therapeutics in the second quarter worth $52,000. Finally, USA Financial Formulas acquired a new position in Corcept Therapeutics in the second quarter worth $56,000. 93.61% of the stock is currently owned by 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.

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