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

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) was downgraded by research analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a report released on Wednesday.

A number of other research analysts have also weighed in on CORT. Truist Financial raised their price objective on shares of Corcept Therapeutics from $36.00 to $42.00 and gave the company a "buy" rating in a research note on Friday, February 16th. HC Wainwright lowered their target price on shares of Corcept Therapeutics from $34.00 to $28.00 and set a "buy" rating for the company in a report on Tuesday, January 2nd. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Corcept Therapeutics currently has a consensus rating of "Buy" and an average target price of $37.30.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock traded down $0.39 during trading hours on Wednesday, reaching $23.00. The company's stock had a trading volume of 957,822 shares, compared to its average volume of 1,458,740. Corcept Therapeutics has a one year low of $20.87 and a one year high of $34.28. The company has a market capitalization of $2.38 billion, a P/E ratio of 24.21 and a beta of 0.48. The stock's fifty day simple moving average is $23.92 and its two-hundred day simple moving average is $25.53.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data on Thursday, February 15th. The biotechnology company reported $0.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.25 by $0.03. Corcept Therapeutics had a net margin of 21.86% and a return on equity of 21.98%. The firm had revenue of $135.41 million for the quarter, compared to analyst estimates of $129.27 million. During the same period last year, the firm earned $0.14 earnings per share. The business's quarterly revenue was up 31.4% compared to the same quarter last year. As a group, research analysts forecast that Corcept Therapeutics will post 0.92 earnings per share for the current year.

Insider Activity

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $22.00, for a total value of $48,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm's stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $22.00, for a total transaction of $48,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Maduck sold 27,068 shares of the firm's stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $25.97, for a total transaction of $702,955.96. Following the sale, the insider now owns 74,455 shares of the company's stock, valued at approximately $1,933,596.35. The disclosure for this sale can be found here. Insiders sold a total of 83,783 shares of company stock worth $2,118,996 over the last quarter. Insiders own 18.60% of the company's stock.

Institutional Trading of Corcept Therapeutics

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in Corcept Therapeutics by 2.5% during the first quarter. BlackRock Inc. now owns 15,424,767 shares of the biotechnology company's stock worth $347,366,000 after buying an additional 376,774 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Corcept Therapeutics by 4.6% in the third quarter. Vanguard Group Inc. now owns 10,332,077 shares of the biotechnology company's stock worth $264,915,000 after purchasing an additional 458,414 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of Corcept Therapeutics by 2.5% in the first quarter. Federated Hermes Inc. now owns 4,740,420 shares of the biotechnology company's stock worth $106,754,000 after purchasing an additional 114,571 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Corcept Therapeutics by 1.2% in the fourth quarter. Parallel Advisors LLC now owns 3,768,245 shares of the biotechnology company's stock worth $122,393,000 after purchasing an additional 44,762 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Corcept Therapeutics by 2.6% in the second quarter. State Street Corp now owns 3,499,446 shares of the biotechnology company's stock worth $83,217,000 after purchasing an additional 89,888 shares in the last quarter. Hedge funds and other 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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