Corcept Therapeutics (NASDAQ:CORT) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Corcept Therapeutics (NASDAQ:CORT) from a hold rating to a strong sell rating in a research report report published on Wednesday morning,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Piper Sandler dropped their target price on shares of Corcept Therapeutics from $131.00 to $121.00 and set an “overweight” rating on the stock in a research report on Friday, August 1st. Canaccord Genuity Group restated a “buy” rating and issued a $140.00 price target on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Finally, Wall Street Zen raised shares of Corcept Therapeutics from a “hold” rating to a “buy” rating in a research report on Friday, September 26th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $135.25.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $88.15 on Wednesday. Corcept Therapeutics has a 52 week low of $42.01 and a 52 week high of $117.33. The firm has a market capitalization of $9.29 billion, a PE ratio of 78.01 and a beta of 0.46. The business’s 50-day simple moving average is $73.82 and its 200-day simple moving average is $72.13.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06. The firm had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The company’s revenue was up 18.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. Research analysts forecast that Corcept Therapeutics will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $72.45, for a total value of $159,390.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider William Guyer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $70.49, for a total value of $1,409,800.00. Following the completion of the transaction, the insider directly owned 5,487 shares of the company’s stock, valued at approximately $386,778.63. The trade was a 78.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 286,810 shares of company stock valued at $21,071,092 over the last 90 days. Company insiders own 20.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Brooklyn Investment Group lifted its holdings in shares of Corcept Therapeutics by 99.5% during the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company’s stock valued at $43,000 after acquiring an additional 186 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Corcept Therapeutics during the 2nd quarter worth about $28,000. Huntington National Bank lifted its holdings in Corcept Therapeutics by 54.0% during the 2nd quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 168 shares during the last quarter. Covestor Ltd boosted its position in Corcept Therapeutics by 1,741.2% in the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company’s stock valued at $72,000 after buying an additional 592 shares in the last quarter. Finally, Employees Retirement System of Texas bought a new stake in Corcept Therapeutics during the second quarter worth about $52,000. 93.61% of the stock is currently 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.