Corcept Therapeutics (NASDAQ:CORT) Upgraded by Zacks Research to Hold Rating

Key Points

• Zacks Research upgraded Corcept Therapeutics from a "strong sell" to a "hold", while analyst consensus remains a Moderate Buy with a consensus target price of $74.67.
• Corcept missed estimates for the quarter, reporting EPS of ($0.30) versus ($0.11) expected and revenue of $164.9M versus $185.8M, and the stock trades at a PE of 146.76 with a $5.51B market cap.
• Notable insider activity: Director G. Leonard Baker Jr. purchased 100,000 shares at $33.14, while CEO Joseph Belanoff sold 26,198 shares at $50.07; company insiders own 20.7% of the stock.

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

Several other analysts have also issued reports on CORT. Truist Financial raised Corcept Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. Canaccord Genuity Group lifted their price target on shares of Corcept Therapeutics from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Thursday, March 26th. Wolfe Research raised shares of Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, March 26th. Piper Sandler boosted their price target on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, HC Wainwright raised their price target on shares of Corcept Therapeutics from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $74.67.

Corcept Therapeutics Stock Down 0.5%

CORT opened at $51.37 on Monday. The business's fifty day simple moving average is $39.47 and its 200 day simple moving average is $54.18. Corcept Therapeutics has a 52 week low of $28.66 and a 52 week high of $91.00. The stock has a market cap of $5.51 billion, a PE ratio of 146.76 and a beta of 0.36.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The firm had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The company's revenue for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the firm earned $0.17 EPS. As a group, equities analysts anticipate that Corcept Therapeutics will post 0.35 earnings per share for the current year.

Insider Activity

In other Corcept Therapeutics news, Director G Leonard Baker, Jr. purchased 100,000 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The stock was bought at an average price of $33.14 per share, with a total value of $3,314,000.00. Following the completion of the purchase, the director directly owned 1,146,631 shares of the company's stock, valued at $37,999,351.34. The trade was a 9.55% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Joseph K. Belanoff sold 26,198 shares of Corcept Therapeutics stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the completion of the sale, the chief executive officer owned 2,918,326 shares in the company, valued at approximately $146,120,582.82. This trade represents a 0.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 66,198 shares of company stock valued at $2,851,169. Company insiders own 20.70% of the company's stock.

Institutional Investors Weigh In On Corcept Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Torren Management LLC purchased a new position in shares of Corcept Therapeutics during the fourth quarter valued at about $25,000. Advisory Services Network LLC purchased a new stake in Corcept Therapeutics in the third quarter worth about $25,000. Clearstead Advisors LLC boosted its position in Corcept Therapeutics by 163.6% during the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company's stock valued at $26,000 after acquiring an additional 193 shares in the last quarter. Atlas Capital Advisors Inc. bought a new stake in Corcept Therapeutics during the 4th quarter valued at approximately $31,000. Finally, Hantz Financial Services Inc. grew its holdings in shares of Corcept Therapeutics by 113.7% during the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company's stock worth $34,000 after acquiring an additional 524 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

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