Corcept Therapeutics (NASDAQ:CORT) Cut to Strong Sell at Zacks Research

Corcept Therapeutics (NASDAQ:CORT) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also weighed in on the stock. Canaccord Genuity Group lowered their price objective on shares of Corcept Therapeutics from $140.00 to $99.00 and set a “buy” rating on the stock in a research report on Friday, January 2nd. Truist Financial set a $50.00 price objective on shares of Corcept Therapeutics in a research report on Wednesday, December 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Corcept Therapeutics in a report on Monday, December 29th. Wolfe Research lowered Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $30.00 price objective on the stock. in a report on Wednesday, December 31st. Finally, HC Wainwright decreased their target price 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. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $80.83.

Corcept Therapeutics Price Performance

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

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.02). Corcept Therapeutics had a net margin of 14.19% and a return on equity of 15.99%. The business had revenue of $207.64 million during the quarter, compared to analysts’ expectations of $223.78 million. During the same quarter last year, the company earned $0.41 EPS. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, research analysts forecast that Corcept Therapeutics will post 1.36 earnings per share for the current year.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $79.77, for a total transaction of $3,190,800.00. Following the completion of the sale, the chief executive officer directly owned 2,701,370 shares in the company, valued at $215,488,284.90. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $73.65, for a total transaction of $368,250.00. Following the transaction, the insider directly owned 10,277 shares in the company, valued at approximately $756,901.05. This trade represents a 32.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 194,500 shares of company stock worth $14,186,410 over the last ninety days. 20.80% of the stock is owned by insiders.

Institutional Trading of Corcept Therapeutics

Several large investors have recently modified their holdings of the business. Advisory Services Network LLC acquired a new stake in Corcept Therapeutics during the 3rd quarter valued at approximately $25,000. Clearstead Advisors LLC raised its stake in Corcept Therapeutics by 163.6% during the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 193 shares in the last quarter. Golden State Wealth Management LLC bought a new position in Corcept Therapeutics during the 2nd quarter worth approximately $28,000. Hantz Financial Services Inc. grew its position in shares of Corcept Therapeutics by 598.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 461 shares of the biotechnology company’s stock worth $38,000 after acquiring an additional 395 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of Corcept Therapeutics by 2,326.3% in the 3rd quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company’s stock valued at $38,000 after acquiring an additional 442 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Company Profile

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.