Corcept Therapeutics (NASDAQ:CORT) Rating Lowered to “Buy” at StockNews.com

Corcept Therapeutics (NASDAQ:CORT) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Monday.

Other equities analysts have also recently issued research reports about the stock. Canaccord Genuity Group restated a “buy” rating and set a $38.00 target price on shares of Corcept Therapeutics in a research note on Tuesday, July 30th. Sandler O’Neill restated a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. HC Wainwright restated a “buy” rating and set a $80.00 target price on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Piper Sandler raised their target price on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Finally, Truist Financial increased their price objective on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a report on Monday, September 30th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Stock Up 2.6 %

CORT stock traded up $1.49 during trading on Monday, hitting $59.03. 1,501,173 shares of the stock traded hands, compared to its average volume of 1,179,222. Corcept Therapeutics has a 1 year low of $20.84 and a 1 year high of $61.66. The firm’s 50 day moving average is $48.41 and its two-hundred day moving average is $38.07. The stock has a market cap of $6.19 billion, a price-to-earnings ratio of 46.85 and a beta of 0.45. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.27 by $0.14. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The company had revenue of $182.55 million for the quarter, compared to the consensus estimate of $171.97 million. During the same period in the prior year, the firm posted $0.28 EPS. Corcept Therapeutics’s revenue for the quarter was up 47.7% on a year-over-year basis. On average, sell-side analysts anticipate that Corcept Therapeutics will post 1.35 EPS for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $59.88, for a total transaction of $131,736.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Guyer sold 3,394 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $48.97, for a total transaction of $166,204.18. Following the sale, the insider now directly owns 5,796 shares of the company’s stock, valued at approximately $283,830.12. This trade represents a 36.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,200 shares of company stock valued at $1,483,516 in the last three months. 20.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. World Investment Advisors LLC purchased a new position in shares of Corcept Therapeutics in the third quarter valued at $503,000. Geode Capital Management LLC grew its holdings in shares of Corcept Therapeutics by 4.4% in the third quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock valued at $110,108,000 after purchasing an additional 99,470 shares in the last quarter. Executive Wealth Management LLC purchased a new position in shares of Corcept Therapeutics in the third quarter valued at $2,804,000. Tanaka Capital Management Inc. grew its holdings in shares of Corcept Therapeutics by 11.8% in the third quarter. Tanaka Capital Management Inc. now owns 112,136 shares of the biotechnology company’s stock valued at $5,190,000 after purchasing an additional 11,860 shares in the last quarter. Finally, MML Investors Services LLC purchased a new position in shares of Corcept Therapeutics in the third quarter valued at $317,000. 93.61% of the stock is owned by hedge funds and other 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.