Corcept Therapeutics (NASDAQ:CORT) Upgraded at Zacks Research

Zacks Research upgraded shares of Corcept Therapeutics (NASDAQ:CORT) from a strong sell rating to a hold rating in a report issued on Monday,Zacks.com reports.

Several other research analysts also recently weighed in on CORT. Weiss Ratings restated a “hold (c)” rating on shares of Corcept Therapeutics in a research report on Monday. UBS Group assumed coverage on Corcept Therapeutics in a research note on Tuesday. They set a “neutral” rating and a $95.00 price objective for the company. Wall Street Zen downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Wolfe Research started coverage on Corcept Therapeutics in a research note on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $140.00 price target on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $127.20.

Corcept Therapeutics Stock Up 1.4%

Corcept Therapeutics stock opened at $82.28 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.14 and a quick ratio of 3.07. The stock has a market capitalization of $8.66 billion, a PE ratio of 93.50 and a beta of 0.20. The business has a 50 day simple moving average of $77.95 and a 200-day simple moving average of $74.86. Corcept Therapeutics has a 12 month low of $49.00 and a 12 month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The company had revenue of $207.64 million during the quarter, compared to analyst estimates of $223.78 million. Corcept Therapeutics had a net margin of 14.19% and a return on equity of 15.99%. Corcept Therapeutics’s revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.41 EPS. On average, analysts anticipate that Corcept Therapeutics will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the firm’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $75.36, for a total value of $1,507,200.00. Following the completion of the sale, the insider directly owned 5,287 shares of the company’s stock, valued at $398,428.32. This trade represents a 79.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $85.08, for a total value of $3,403,200.00. Following the transaction, the chief executive officer owned 2,781,370 shares in the company, valued at approximately $236,638,959.60. This represents a 1.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 261,700 shares of company stock worth $21,002,348. 20.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC lifted its stake in shares of Corcept Therapeutics by 546.9% in the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock valued at $125,264,000 after purchasing an additional 1,274,215 shares during the last quarter. Norges Bank acquired a new stake in shares of Corcept Therapeutics during the 2nd quarter worth about $72,048,000. TD Asset Management Inc purchased a new stake in Corcept Therapeutics in the 2nd quarter valued at about $60,179,000. Epoch Investment Partners Inc. acquired a new position in Corcept Therapeutics in the second quarter valued at about $56,181,000. Finally, JPMorgan Chase & Co. lifted its position in Corcept Therapeutics by 223.4% in the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock valued at $70,632,000 after buying an additional 587,053 shares during the last quarter. 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.