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

Zacks Research upgraded shares of Corcept Therapeutics (NASDAQ:CORT) from a hold rating to a strong-buy rating in a research report report published on Monday morning,Zacks reports.

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

Corcept Therapeutics Trading Down 0.8%

Shares of Corcept Therapeutics stock opened at $114.74 on Monday. The company’s 50-day moving average price is $112.07 and its 200-day moving average price is $79.49. Corcept Therapeutics has a 12-month low of $28.66 and a 12-month high of $126.38. The company has a market cap of $12.40 billion, a price-to-earnings ratio of 273.20 and a beta of 0.45.

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

Insider Activity

In related news, insider Roberto Vieira sold 58,333 shares of Corcept Therapeutics stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $110.76, for a total value of $6,460,963.08. Following the transaction, the insider owned 4,242 shares in the company, valued at $469,843.92. This trade represents a 93.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director David L. Mahoney sold 103,606 shares of the business’s stock in a transaction 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 completion of the sale, the director directly owned 1,133,539 shares of the company’s stock, valued at $134,040,986.75. This represents a 8.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 421,415 shares of company stock valued at $48,465,845. Insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. grew its holdings in Corcept Therapeutics by 1.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 10,617 shares of the biotechnology company’s stock worth $923,000 after acquiring an additional 184 shares during the last quarter. State of Wyoming increased its position in shares of Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after acquiring an additional 186 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Corcept Therapeutics during the second quarter valued at about $27,000. Campbell Newman Asset Management Inc. raised its stake in shares of Corcept Therapeutics by 1.9% during the first quarter. Campbell Newman Asset Management Inc. now owns 17,251 shares of the biotechnology company’s stock valued at $695,000 after acquiring an additional 320 shares during the last quarter. Finally, Gould Capital LLC boosted its holdings in shares of Corcept Therapeutics by 66.7% during the first quarter. Gould Capital LLC now owns 1,000 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 400 shares during the period. Institutional investors own 93.61% of the company’s stock.

About Corcept Therapeutics

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.