Corcept Therapeutics (NASDAQ:CORT) Downgraded to Hold Rating by StockNews.com

Corcept Therapeutics (NASDAQ:CORT) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

A number of other equities research analysts have also recently weighed in on the company. Piper Sandler boosted their price objective on Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a research note on Thursday, April 3rd. Canaccord Genuity Group upped their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a research report on Tuesday, April 1st. HC Wainwright decreased their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Finally, Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $138.25.

Corcept Therapeutics Price Performance

Shares of CORT opened at $73.36 on Wednesday. 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 has a 1-year low of $27.30 and a 1-year high of $117.33. The stock has a market cap of $7.78 billion, a PE ratio of 58.22 and a beta of 0.22. The firm has a fifty day moving average price of $68.17 and a 200 day moving average price of $61.44.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, hitting analysts’ consensus estimates of $0.17. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business had revenue of $157.21 million for the quarter, compared to analysts’ expectations of $177.93 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corcept Therapeutics will post 1.36 EPS for the current year.

Insider Activity

In related news, insider William Guyer sold 7,060 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $74.31, for a total value of $524,628.60. Following the completion of the sale, the insider now owns 5,487 shares in the company, valued at $407,738.97. This trade represents a 56.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sean Maduck sold 100,000 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $100.54, for a total value of $10,054,000.00. Following the completion of the sale, the insider now directly owns 85,622 shares in the company, valued at $8,608,435.88. This represents a 53.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 236,738 shares of company stock valued at $20,484,994. Company insiders own 20.80% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Several hedge funds have recently modified their holdings of CORT. Burney Co. grew its holdings in Corcept Therapeutics by 9.1% during the fourth quarter. Burney Co. now owns 473,821 shares of the biotechnology company’s stock worth $23,876,000 after acquiring an additional 39,657 shares during the period. USA Financial Formulas purchased a new stake in shares of Corcept Therapeutics during the 4th quarter worth $54,000. Ballentine Partners LLC acquired a new position in shares of Corcept Therapeutics during the 4th quarter worth $200,000. Nisa Investment Advisors LLC increased its holdings in shares of Corcept Therapeutics by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 10,665 shares of the biotechnology company’s stock valued at $537,000 after purchasing an additional 814 shares in the last quarter. Finally, Inspire Investing LLC purchased a new position in shares of Corcept Therapeutics in the 4th quarter valued at about $807,000. 93.61% of the stock is owned by institutional investors and hedge funds.

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.