Zacks Investment Research upgraded shares of Corcept Therapeutics (NASDAQ:CORT) from a sell rating to a hold rating in a report issued on Wednesday, Zacks.com reports. They currently have $12.00 price objective on the biotechnology company’s stock.
According to Zacks, “Corcept is making good progress with its Cushing's syndrome drug, Korlym. The company's efforts to expand Korlym’s label are encouraging and should boost the drug’s commercial potential going forward. The company is making attempts to develop its pipeline with its most advanced candidate relacorilant, currently investigated for Cushing's syndrome. The successful development of its other pipeline candidates (CORT125281 and CORT118335) will further boost the company’s portfolio and lead to increased sales in future. However, Corcept’s share price movement shows that the stock has underperformed the industry year to date. Moreover, Corcept is solely dependent on Korlym for growth. A decline in Korlym sales will hinder the company’s growth prospects in the future quarters.”
A number of other equities research analysts have also recently issued reports on CORT. TheStreet cut Corcept Therapeutics from a b rating to a c+ rating in a research report on Friday, May 10th. Cantor Fitzgerald reaffirmed a hold rating and set a $14.00 target price on shares of Corcept Therapeutics in a research report on Wednesday, May 1st. Finally, BidaskClub raised Corcept Therapeutics from a sell rating to a hold rating in a research report on Friday, June 14th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $12.00.
Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Thursday, August 1st. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The company had revenue of $72.26 million for the quarter, compared to the consensus estimate of $70.87 million. Corcept Therapeutics had a return on equity of 28.59% and a net margin of 29.16%. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 EPS. As a group, analysts expect that Corcept Therapeutics will post 0.78 EPS for the current fiscal year.
In other Corcept Therapeutics news, Director G Leonard Baker, Jr. sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $9.78, for a total transaction of $293,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 15.50% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. Resources Investment Advisors Inc. acquired a new position in shares of Corcept Therapeutics during the first quarter worth approximately $35,000. Bremer Bank National Association acquired a new position in shares of Corcept Therapeutics during the first quarter worth approximately $50,000. Exane Derivatives acquired a new position in shares of Corcept Therapeutics during the second quarter worth approximately $55,000. Reilly Financial Advisors LLC acquired a new position in shares of Corcept Therapeutics during the second quarter worth approximately $112,000. Finally, Aperio Group LLC lifted its holdings in shares of Corcept Therapeutics by 22.0% during the second quarter. Aperio Group LLC now owns 13,624 shares of the biotechnology company’s stock worth $152,000 after buying an additional 2,460 shares during the last quarter. 75.63% of the stock is owned by hedge funds and other institutional investors.
About Corcept Therapeutics
Corcept Therapeutics Incorporated discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and psychiatric disorders in the United States. The company offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery.
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