Corcept Therapeutics (NASDAQ:CORT) Lowered to Strong Sell Rating by Zacks Research

Corcept Therapeutics (NASDAQ:CORT) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other brokerages also recently issued reports on CORT. HC Wainwright dropped their price target on shares of Corcept Therapeutics from $145.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, January 2nd. Wall Street Zen lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Canaccord Genuity Group reduced their target price on Corcept Therapeutics from $140.00 to $99.00 and set a “buy” rating for the company in a report on Friday, January 2nd. Wolfe Research lowered shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $30.00 price objective for the company. in a report on Wednesday, December 31st. Finally, Truist Financial set a $50.00 price objective on shares of Corcept Therapeutics in a research report on Wednesday, December 31st. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Corcept Therapeutics currently has an average rating of “Hold” and a consensus price target of $80.83.

Corcept Therapeutics Price Performance

Shares of CORT opened at $37.04 on Tuesday. The company has a 50 day moving average of $70.63 and a 200-day moving average of $72.75. Corcept Therapeutics has a twelve month low of $32.99 and a twelve month high of $117.33. The company has a quick ratio of 3.07, a current ratio of 3.14 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $3.90 billion, a P/E ratio of 42.09 and a beta of 0.23.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.02). The business had revenue of $207.64 million for 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%. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 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, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $35.18, for a total value of $703,600.00. Following the completion of the sale, the insider directly owned 1,235 shares in the company, valued at $43,447.30. The trade was a 94.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Sean Maduck sold 20,000 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $79.52, for a total transaction of $1,590,400.00. Following the transaction, the insider owned 7,904 shares in the company, valued at approximately $628,526.08. This represents a 71.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 194,500 shares of company stock valued at $14,186,410 in the last three months. 20.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of institutional investors have recently modified their holdings of CORT. Hennion & Walsh Asset Management Inc. boosted its stake in Corcept Therapeutics by 1.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 56,946 shares of the biotechnology company’s stock worth $1,982,000 after buying an additional 605 shares during the last quarter. Ausbil Investment Management Ltd increased its holdings in shares of Corcept Therapeutics by 82.6% in the 4th quarter. Ausbil Investment Management Ltd now owns 10,235 shares of the biotechnology company’s stock valued at $356,000 after acquiring an additional 4,629 shares during the last quarter. SG Americas Securities LLC lifted its stake in Corcept Therapeutics by 49.3% during the fourth quarter. SG Americas Securities LLC now owns 13,828 shares of the biotechnology company’s stock worth $481,000 after purchasing an additional 4,565 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Corcept Therapeutics by 3.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,552 shares of the biotechnology company’s stock valued at $771,000 after purchasing an additional 803 shares during the last quarter. Finally, Swiss Life Asset Management Ltd acquired a new stake in Corcept Therapeutics during the third quarter worth approximately $376,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

About Corcept Therapeutics

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.