Corcept Therapeutics (NASDAQ:CORT) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of Corcept Therapeutics (NASDAQ:CORT) from a buy rating to a hold rating in a research note published on Wednesday, January 3rd.
According to Zacks, “Corcept missed the earnings estimates but beat revenues in the third quarter of 2017. Corcept Cushing's syndrome drug- Korlym is performing well and based on its growth prospects, the company raised its revenue guidance for 2017 in the third quarter. Notably, its efforts to expand Korlym’s label are encouraging and should boost the drug’s commercial potential significantly. The company is evaluating its most advanced candidate CORT125134 in phase II study for Cushing's syndrome and the successful development of its pipeline candidates will further boost the company’s portfolio and will lead to increased sales. Corcept’s share price movement shows that the stock has outperformed the Zacks classified Medical-Drugs industry year to date. However, Corcept is solely dependent on Korlym for growth. A decline in Korlym sales will largely hinder the company’s growth prospects.”
A number of other equities research analysts also recently weighed in on CORT. BidaskClub upgraded shares of Corcept Therapeutics from a hold rating to a buy rating in a research note on Thursday, December 14th. Piper Jaffray Companies reiterated a buy rating and set a $24.00 price target on shares of Corcept Therapeutics in a research note on Wednesday, October 11th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Corcept Therapeutics has a consensus rating of Buy and a consensus target price of $21.00.
Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Thursday, November 2nd. The biotechnology company reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.02). Corcept Therapeutics had a return on equity of 58.17% and a net margin of 27.28%. The company had revenue of $42.70 million for the quarter, compared to the consensus estimate of $41.64 million. During the same period last year, the firm posted $0.02 EPS. The company’s revenue was up 96.8% compared to the same quarter last year. equities analysts predict that Corcept Therapeutics will post 0.47 earnings per share for the current fiscal year.
In other news, Director G Leonard Baker, Jr. sold 30,000 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $17.59, for a total value of $527,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert S. Fishman sold 8,000 shares of the company’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $16.72, for a total value of $133,760.00. Following the completion of the sale, the insider now directly owns 8,000 shares of the company’s stock, valued at $133,760. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock valued at $810,820 over the last three months. Company insiders own 19.20% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Ingalls & Snyder LLC grew its position in shares of Corcept Therapeutics by 0.6% in the 4th quarter. Ingalls & Snyder LLC now owns 6,923,695 shares of the biotechnology company’s stock valued at $125,042,000 after purchasing an additional 44,597 shares during the period. Vanguard Group Inc. boosted its position in Corcept Therapeutics by 18.4% during the 2nd quarter. Vanguard Group Inc. now owns 4,440,064 shares of the biotechnology company’s stock worth $52,394,000 after acquiring an additional 689,554 shares during the last quarter. Renaissance Technologies LLC boosted its position in Corcept Therapeutics by 44.4% during the 2nd quarter. Renaissance Technologies LLC now owns 2,683,400 shares of the biotechnology company’s stock worth $31,664,000 after acquiring an additional 824,900 shares during the last quarter. Acadian Asset Management LLC boosted its position in Corcept Therapeutics by 8.1% during the 4th quarter. Acadian Asset Management LLC now owns 2,480,848 shares of the biotechnology company’s stock worth $44,803,000 after acquiring an additional 185,454 shares during the last quarter. Finally, State Street Corp boosted its position in Corcept Therapeutics by 26.1% during the 2nd quarter. State Street Corp now owns 2,028,013 shares of the biotechnology company’s stock worth $23,931,000 after acquiring an additional 420,139 shares during the last quarter. Institutional investors and hedge funds own 65.08% of the company’s stock.
Corcept Therapeutics Company Profile
Corcept Therapeutics Incorporated is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. The Company is developing mifepristone, a compound that modulates the effects of cortisol by acting as a competitive antagonist at the glucocorticoid receptor (GR).
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