Wolfe Research Reiterates "Underperform" Rating for Corcept Therapeutics (NASDAQ:CORT)

Key Points

• Wolfe Research reiterated its “Underperform” rating on Corcept Therapeutics and set a $50 price target, implying roughly 47.6% downside from the stock’s $95.36 opening price.
• Analyst sentiment remains mixed but leans positive overall: MarketBeat reports a consensus rating of “Moderate Buy” and an average price target of $92.17, with targets ranging as high as $135.
• Corcept’s latest quarterly results missed expectations, with a $0.30 loss per share versus a projected $0.11 loss and revenue of $164.9 million versus $185.83 million expected. Insiders have also sold 300,000 shares worth about $22.1 million over the last quarter.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report)'s stock had its "underperform" rating reissued by research analysts at Wolfe Research in a research report issued on Monday,Benzinga reports. They currently have a $50.00 price objective on the biotechnology company's stock. Wolfe Research's price target would suggest a potential downside of 47.57% from the stock's current price.

Several other equities analysts have also issued reports on CORT. Canaccord Genuity Group boosted their price target on Corcept Therapeutics from $110.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. Zacks Research upgraded shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. Piper Sandler boosted their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Finally, UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $92.17.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $95.36 on Monday. The stock has a market capitalization of $10.24 billion, a P/E ratio of 272.46 and a beta of 0.47. The firm's fifty day simple moving average is $80.40 and its two-hundred day simple moving average is $54.61. Corcept Therapeutics has a 12 month low of $28.66 and a 12 month high of $97.63.

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 for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). The business had revenue of $164.90 million for the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The business's revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.17 earnings per share. As a group, research analysts predict that Corcept Therapeutics will post 0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director David L. Mahoney sold 20,000 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the transaction, the director directly owned 26,147 shares of the company's stock, valued at $2,210,205.91. This represents a 43.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider William Guyer sold 20,000 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $93.13, for a total value of $1,862,600.00. Following the completion of the transaction, the insider owned 3,985 shares in the company, valued at approximately $371,123.05. This represents a 83.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 300,000 shares of company stock valued at $22,088,050. 20.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Advisory Services Network LLC acquired a new position in shares of Corcept Therapeutics during the third quarter valued at about $25,000. Larson Financial Group LLC raised its holdings in shares of Corcept Therapeutics by 2,326.3% in the 3rd quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company's stock worth $38,000 after acquiring an additional 442 shares during the last quarter. Gould Capital LLC lifted its position in Corcept Therapeutics by 50.0% in the 3rd quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock valued at $50,000 after acquiring an additional 200 shares in the last quarter. Torren Management LLC bought a new position in Corcept Therapeutics in the 4th quarter valued at about $25,000. Finally, CIBC Private Wealth Group LLC boosted its stake in Corcept Therapeutics by 128.5% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 770 shares of the biotechnology company's stock valued at $64,000 after purchasing an additional 433 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Corcept Therapeutics Company Profile

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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