Corcept Therapeutics (NASDAQ:CORT) Rating Lowered to Hold at Wall Street Zen

Corcept Therapeutics (NASDAQ:CORT) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Several other equities research analysts have also weighed in on the company. Zacks Research lowered Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 1st. Canaccord Genuity Group reaffirmed a “buy” rating and set a $140.00 target price on shares of Corcept Therapeutics in a report on Thursday, September 25th. Piper Sandler dropped their price target on Corcept Therapeutics from $131.00 to $121.00 and set an “overweight” rating on the stock in a research note on Friday, August 1st. HC Wainwright restated a “buy” rating and set a $145.00 price objective on shares of Corcept Therapeutics in a report on Friday, October 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Corcept Therapeutics in a report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $135.25.

Corcept Therapeutics Price Performance

Shares of CORT opened at $78.69 on Friday. The firm’s 50 day moving average is $76.01 and its 200-day moving average is $72.99. Corcept Therapeutics has a 12-month low of $42.01 and a 12-month high of $117.33. The stock has a market capitalization of $8.29 billion, a P/E ratio of 69.64 and a beta of 0.46.

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

Insiders Place Their Bets

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $85.08, for a total transaction of $3,403,200.00. Following the completion of the sale, the chief executive officer directly owned 2,781,370 shares in the company, valued at approximately $236,638,959.60. This trade represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider William Guyer sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $89.94, for a total transaction of $1,798,800.00. Following the transaction, the insider directly owned 5,287 shares in the company, valued at $475,512.78. The trade was a 79.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 292,451 shares of company stock valued at $21,850,930 over the last ninety days. Insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

A number of institutional investors have recently bought and sold shares of the company. Brooklyn Investment Group raised its stake in shares of Corcept Therapeutics by 99.5% during the 1st quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company’s stock worth $43,000 after purchasing an additional 186 shares in the last quarter. Golden State Wealth Management LLC bought a new position in Corcept Therapeutics during the second quarter valued at approximately $28,000. Huntington National Bank lifted its stake in Corcept Therapeutics by 54.0% in the second quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock valued at $35,000 after acquiring an additional 168 shares during the last quarter. Covestor Ltd grew 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 worth $72,000 after acquiring an additional 592 shares in the last quarter. Finally, Employees Retirement System of Texas bought a new stake in Corcept Therapeutics in the second quarter worth approximately $52,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

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.