Corcept Therapeutics (NASDAQ:CORT) Raised to “Strong-Buy” at Zacks Research

Corcept Therapeutics (NASDAQ:CORT) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday, Zacks reports.

A number of other analysts have also weighed in on the company. Wall Street Zen upgraded Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Truist Financial started coverage on shares of Corcept Therapeutics in a report on Tuesday, August 18th. They set a “buy” rating and a $164.00 price objective on the stock. Canaccord Genuity Group raised their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Piper Sandler reaffirmed an “overweight” rating and issued a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Finally, Wolfe Research lowered shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 target price on the stock. in a research report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Corcept Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $138.17.

Corcept Therapeutics Stock Performance

Shares of CORT stock opened at $114.74 on Monday. The firm has a fifty day moving average of $112.07 and a 200-day moving average of $79.49. The stock has a market cap of $12.40 billion, a price-to-earnings ratio of 273.20 and a beta of 0.45. Corcept Therapeutics has a 52-week low of $28.66 and a 52-week high of $126.38.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.34. The business had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm’s revenue was up 31.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 EPS. On average, sell-side analysts predict that Corcept Therapeutics will post 1.86 earnings per share for the current year.

Insider Activity at Corcept Therapeutics

In other news, CFO Atabak Mokari sold 80,000 shares of the firm’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $114.71, for a total value of $9,176,800.00. Following the transaction, the chief financial officer owned 16,130 shares of the company’s stock, valued at approximately $1,850,272.30. This trade represents a 83.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Mahoney sold 103,606 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the sale, the director owned 1,133,539 shares of the company’s stock, valued at approximately $134,040,986.75. This represents a 8.37% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 421,415 shares of company stock worth $48,465,845. Insiders own 20.70% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in Corcept Therapeutics in the second quarter valued at about $1,080,964,000. First Trust Advisors LP boosted its holdings in Corcept Therapeutics by 213.5% during the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock worth $87,609,000 after buying an additional 1,480,059 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Corcept Therapeutics by 38.0% during the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock worth $92,892,000 after buying an additional 734,646 shares during the period. Norges Bank bought a new stake in shares of Corcept Therapeutics in the 4th quarter valued at about $24,213,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Corcept Therapeutics in the 2nd quarter valued at about $49,185,000. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering, developing and commercializing medicines that modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol activity in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept’s principal commercial product is Korlym (mifepristone), a glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have had unsuccessful surgery.