Corcept Therapeutics (NASDAQ:CORT) Given Underperform Rating at Wolfe Research

Wolfe Research reaffirmed their underperform rating on shares of Corcept Therapeutics (NASDAQ:CORT) in a report published on Monday morning, Marketbeat.com reports. The brokerage currently has a $50.00 target price on the biotechnology company’s stock.

CORT has been the topic of several other research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Truist Financial raised Corcept Therapeutics to a “strong-buy” rating in a research note on Monday, June 15th. Canaccord Genuity Group boosted their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. UBS Group set a $135.00 target price on Corcept Therapeutics in a research note on Thursday, May 28th. Finally, Piper Sandler raised their price target on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $92.17.

Corcept Therapeutics Trading Down 4.4%

Shares of NASDAQ:CORT opened at $91.12 on Monday. The company has a 50 day moving average of $81.12 and a 200 day moving average of $55.00. The stock has a market cap of $9.78 billion, a P/E ratio of 260.35 and a beta of 0.47. Corcept Therapeutics has a 12 month low of $28.66 and a 12 month high of $97.63.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm had revenue of $164.90 million during the quarter, compared to analysts’ expectations of $185.83 million. During the same quarter in the prior year, the company earned $0.17 earnings per share. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities analysts forecast that Corcept Therapeutics will post 0.53 earnings per share for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In other news, Director David L. Mahoney sold 20,000 shares of Corcept Therapeutics stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the completion of the sale, the director directly owned 26,147 shares of the company’s stock, valued at approximately $2,210,205.91. The trade was a 43.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William Guyer sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $93.13, for a total transaction of $1,862,600.00. Following the completion of the transaction, the insider owned 3,985 shares of the company’s stock, valued at $371,123.05. This trade represents a 83.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 300,000 shares of company stock worth $22,088,050. Company insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Torren Management LLC purchased a new position in shares of Corcept Therapeutics in the 4th quarter worth about $25,000. Advisory Services Network LLC purchased a new position in shares of Corcept Therapeutics during the 3rd quarter valued at about $25,000. Atlas Capital Advisors Inc. purchased a new position in shares of Corcept Therapeutics during the 4th quarter valued at about $31,000. State of Wyoming lifted its position in Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after buying an additional 186 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its position in Corcept Therapeutics by 113.7% in the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock worth $34,000 after buying an additional 524 shares during the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.