Mackay Shields LLC cut its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 6.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 236,900 shares of the biotechnology company’s stock after selling 16,300 shares during the period. Mackay Shields LLC owned about 0.21% of Corcept Therapeutics worth $2,817,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Quantbot Technologies LP purchased a new stake in Corcept Therapeutics during the 4th quarter valued at $26,000. C M Bidwell & Associates Ltd. purchased a new stake in shares of Corcept Therapeutics in the 4th quarter worth $45,000. LS Investment Advisors LLC increased its stake in shares of Corcept Therapeutics by 50.3% in the 4th quarter. LS Investment Advisors LLC now owns 7,802 shares of the biotechnology company’s stock worth $94,000 after purchasing an additional 2,610 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Corcept Therapeutics by 30.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,864 shares of the biotechnology company’s stock worth $94,000 after purchasing an additional 1,849 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of Corcept Therapeutics in the 4th quarter worth $140,000. Institutional investors and hedge funds own 76.66% of the company’s stock.
Several equities research analysts have recently commented on the company. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 price objective (up from $14.00) on shares of Corcept Therapeutics in a research note on Friday, February 21st. ValuEngine upgraded Corcept Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Zacks Investment Research lowered Corcept Therapeutics from a “hold” rating to a “sell” rating and set a $14.00 price objective for the company. in a research note on Tuesday, February 4th. TheStreet upgraded Corcept Therapeutics from a “c+” rating to a “b-” rating in a research note on Tuesday. Finally, BidaskClub upgraded Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $16.75.
Shares of Corcept Therapeutics stock opened at $15.28 on Friday. The company has a market capitalization of $1.75 billion, a P/E ratio of 17.36 and a beta of 1.10. The company has a fifty day moving average of $12.81 and a 200 day moving average of $12.89. Corcept Therapeutics Incorporated has a fifty-two week low of $9.55 and a fifty-two week high of $17.48.
Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Monday, May 4th. The biotechnology company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.03. The company had revenue of $93.25 million during the quarter, compared to the consensus estimate of $87.01 million. Corcept Therapeutics had a net margin of 31.64% and a return on equity of 30.00%. Corcept Therapeutics’s quarterly revenue was up 43.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.20 EPS. As a group, analysts anticipate that Corcept Therapeutics Incorporated will post 0.83 earnings per share for the current fiscal year.
Corcept Therapeutics Company Profile
Corcept Therapeutics Incorporated discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and psychiatric disorders in the United States. The company offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery.
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