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

StockNews.com downgraded shares of Corcept Therapeutics (NASDAQ:CORT) from a strong-buy rating to a buy rating in a research note issued to investors on Wednesday morning.

CORT has been the topic of several other reports. Truist Financial boosted their price objective on shares of Corcept Therapeutics from $36.00 to $42.00 and gave the stock a buy rating in a research report on Friday, February 16th. HC Wainwright cut their target price on shares of Corcept Therapeutics from $34.00 to $28.00 and set a buy rating for the company in a research note on Tuesday, January 2nd. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of Buy and a consensus price target of $37.30.

Corcept Therapeutics Stock Down 1.7 %

Corcept Therapeutics stock opened at $23.00 on Wednesday. Corcept Therapeutics has a 52 week low of $20.87 and a 52 week high of $34.28. The firm’s 50-day simple moving average is $23.92 and its 200 day simple moving average is $25.53. The firm has a market capitalization of $2.38 billion, a PE ratio of 24.21 and a beta of 0.48.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Thursday, February 15th. The biotechnology company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.25 by $0.03. Corcept Therapeutics had a net margin of 21.86% and a return on equity of 21.98%. The business had revenue of $135.41 million for the quarter, compared to analyst estimates of $129.27 million. During the same period in the previous year, the firm earned $0.14 EPS. The business’s revenue for the quarter was up 31.4% compared to the same quarter last year. On average, research analysts expect that Corcept Therapeutics will post 0.92 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, CAO Joseph Douglas Lyon sold 1,000 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $26.00, for a total value of $26,000.00. Following the transaction, the chief accounting officer now directly owns 6,774 shares in the company, valued at approximately $176,124. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Joseph Douglas Lyon sold 1,000 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $26.00, for a total transaction of $26,000.00. Following the transaction, the chief accounting officer now directly owns 6,774 shares in the company, valued at approximately $176,124. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $25.30, for a total transaction of $55,660.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 83,783 shares of company stock worth $2,118,996. Corporate insiders own 18.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CORT. JPMorgan Chase & Co. raised its holdings in Corcept Therapeutics by 2.4% in the first quarter. JPMorgan Chase & Co. now owns 216,081 shares of the biotechnology company’s stock valued at $4,866,000 after buying an additional 5,036 shares during the period. American Century Companies Inc. raised its holdings in Corcept Therapeutics by 8.2% in the first quarter. American Century Companies Inc. now owns 88,553 shares of the biotechnology company’s stock valued at $1,994,000 after buying an additional 6,684 shares during the period. Citigroup Inc. raised its holdings in Corcept Therapeutics by 15.0% in the first quarter. Citigroup Inc. now owns 103,241 shares of the biotechnology company’s stock valued at $2,325,000 after buying an additional 13,488 shares during the period. Natixis Advisors L.P. raised its holdings in Corcept Therapeutics by 56.7% in the first quarter. Natixis Advisors L.P. now owns 18,581 shares of the biotechnology company’s stock valued at $418,000 after buying an additional 6,726 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in Corcept Therapeutics by 3.3% in the first quarter. Acadian Asset Management LLC now owns 31,845 shares of the biotechnology company’s stock valued at $716,000 after buying an additional 1,032 shares during the period. 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.