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

Corcept Therapeutics (NASDAQ:CORT) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday.

A number of other research firms have also weighed in on CORT. 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 report on Tuesday, January 2nd. Truist Financial raised their target price on shares of Corcept Therapeutics from $36.00 to $42.00 and gave the company a “buy” rating in a report on Friday, February 16th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $37.30.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock traded down $0.39 on Wednesday, hitting $23.00. 957,822 shares of the company traded hands, compared to its average volume of 1,458,740. The stock has a market capitalization of $2.38 billion, a P/E ratio of 24.21 and a beta of 0.48. Corcept Therapeutics has a 52 week low of $20.87 and a 52 week high of $34.28. The business has a 50-day simple moving average of $23.92 and a 200 day simple moving average of $25.53.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Thursday, February 15th. The biotechnology company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. Corcept Therapeutics had a net margin of 21.86% and a return on equity of 21.98%. The firm had revenue of $135.41 million during the quarter, compared to analyst estimates of $129.27 million. During the same period last year, the firm posted $0.14 earnings per share. Corcept Therapeutics’s revenue for the quarter was up 31.4% compared to the same quarter last year. Research analysts expect that Corcept Therapeutics will post 0.92 earnings per share for the current year.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Sean Maduck sold 27,068 shares of Corcept Therapeutics stock in a transaction on Friday, February 16th. The shares were sold at an average price of $25.97, for a total transaction of $702,955.96. Following the completion of the transaction, the insider now directly owns 74,455 shares of the company’s stock, valued at $1,933,596.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $22.00, for a total transaction of $48,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sean Maduck sold 27,068 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $25.97, for a total transaction of $702,955.96. Following the sale, the insider now directly owns 74,455 shares of the company’s stock, valued at $1,933,596.35. The disclosure for this sale can be found here. Insiders sold 83,783 shares of company stock valued at $2,118,996 over the last three months. 18.60% of the stock is owned by company insiders.

Institutional Trading of Corcept Therapeutics

A number of large investors have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Corcept Therapeutics by 38.8% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 54,869 shares of the biotechnology company’s stock valued at $1,382,000 after purchasing an additional 15,335 shares during the period. Sound Income Strategies LLC bought a new stake in shares of Corcept Therapeutics in the first quarter valued at about $125,000. Clearview Wealth Advisors LLC bought a new stake in shares of Corcept Therapeutics in the first quarter valued at about $362,000. GAMMA Investing LLC raised its holdings in shares of Corcept Therapeutics by 90.6% in the first quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 579 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Corcept Therapeutics by 28.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,008 shares of the biotechnology company’s stock valued at $358,000 after acquiring an additional 2,432 shares in the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

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.