Wolfe Research Downgrades Corcept Therapeutics (NASDAQ:CORT) to Underperform

Corcept Therapeutics (NASDAQ:CORT) was downgraded by Wolfe Research from a “peer perform” rating to an “underperform” rating in a research note issued on Wednesday. They currently have a $30.00 price target on the biotechnology company’s stock. Wolfe Research’s price target would suggest a potential downside of 15.40% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Corcept Therapeutics in a report on Thursday, September 25th. HC Wainwright reiterated a “buy” rating and issued a $145.00 price objective on shares of Corcept Therapeutics in a research report on Tuesday, November 25th. UBS Group assumed coverage on shares of Corcept Therapeutics in a research report on Tuesday, December 16th. They set a “neutral” rating and a $95.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Monday. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $111.00.

Corcept Therapeutics Price Performance

NASDAQ:CORT traded down $34.73 during trading hours on Wednesday, hitting $35.46. 1,855,704 shares of the stock traded hands, compared to its average volume of 1,161,303. The company has a quick ratio of 3.07, a current ratio of 3.14 and a debt-to-equity ratio of 0.01. Corcept Therapeutics has a 1 year low of $36.00 and a 1 year high of $117.33. The stock has a 50 day moving average price of $78.68 and a 200 day moving average price of $75.58. The company has a market cap of $3.73 billion, a price-to-earnings ratio of 42.38 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). Corcept Therapeutics had a net margin of 14.19% and a return on equity of 15.99%. The firm had revenue of $207.64 million for the quarter, compared to the consensus estimate of $223.78 million. During the same period in the previous year, the company posted $0.41 earnings per share. Corcept Therapeutics’s quarterly revenue was up 13.8% on a year-over-year basis. Sell-side analysts forecast that Corcept Therapeutics will post 1.36 EPS for the current fiscal year.

Insider Activity

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $79.53, for a total value of $397,650.00. Following the completion of the transaction, the insider directly owned 10,277 shares of the company’s stock, valued at approximately $817,329.81. This trade represents a 32.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $89.94, for a total transaction of $1,798,800.00. Following the transaction, the insider owned 5,287 shares of the company’s stock, valued at approximately $475,512.78. The trade was a 79.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 196,700 shares of company stock valued at $15,474,198. 20.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of CORT. Abacus FCF Advisors LLC bought a new position in Corcept Therapeutics in the 3rd quarter worth approximately $3,238,000. Pacer Advisors Inc. boosted its position in shares of Corcept Therapeutics by 6,796.7% in the third quarter. Pacer Advisors Inc. now owns 390,559 shares of the biotechnology company’s stock worth $32,459,000 after buying an additional 384,896 shares during the period. Cerity Partners LLC raised its position in Corcept Therapeutics by 21.4% during the second quarter. Cerity Partners LLC now owns 746,593 shares of the biotechnology company’s stock valued at $54,800,000 after buying an additional 131,799 shares during the period. Ellsworth Advisors LLC acquired a new stake in shares of Corcept Therapeutics during the third quarter worth approximately $769,000. Finally, Castleark Management LLC purchased a new stake in Corcept Therapeutics in the 2nd quarter worth approximately $2,711,000. Hedge funds and other institutional investors own 93.61% of the company’s stock.

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.