Corcept Therapeutics (NASDAQ:CORT) Cut to Underperform at Wolfe Research

Wolfe Research cut shares of Corcept Therapeutics (NASDAQ:CORT) from a peer perform rating to an underperform rating in a report released on Monday morning, MarketBeat Ratings reports. The brokerage currently has $50.00 target price on the biotechnology company’s stock.

CORT has been the subject of a number of other reports. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research note on Thursday, May 28th. HC Wainwright increased their price objective on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a research note on Monday, June 15th. Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Corcept Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $94.67.

Corcept Therapeutics Trading Down 1.3%

CORT stock opened at $92.95 on Monday. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of 265.58 and a beta of 0.47. The firm’s 50-day moving average price is $82.51 and its two-hundred day moving average price is $55.80. Corcept Therapeutics has a 12-month low of $28.66 and a 12-month high of $97.63.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The business had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. During the same quarter in the prior year, the company posted $0.29 EPS. Corcept Therapeutics’s quarterly revenue was up 31.7% compared to the same quarter last year. Equities analysts predict that Corcept Therapeutics will post 0.53 EPS for the current year.

Insiders Place Their Bets

In other Corcept Therapeutics news, CFO Atabak Mokari sold 40,000 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $81.15, for a total value of $3,246,000.00. Following the completion of the transaction, the chief financial officer owned 16,130 shares of the company’s stock, valued at approximately $1,308,949.50. The trade was a 71.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David L. Mahoney sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the sale, the director directly owned 26,147 shares in the company, valued at approximately $2,210,205.91. The trade was a 43.34% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 300,000 shares of company stock worth $22,088,050. 20.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its holdings in shares of Corcept Therapeutics by 18.9% in the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock worth $1,757,000 after acquiring an additional 2,444 shares during the period. Amundi bought a new stake in shares of Corcept Therapeutics during the 1st quarter valued at about $450,000. NewEdge Advisors LLC purchased a new stake in shares of Corcept Therapeutics during the 1st quarter valued at about $518,000. EverSource Wealth Advisors LLC lifted its stake in shares of Corcept Therapeutics by 273.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock worth $106,000 after purchasing an additional 1,055 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of Corcept Therapeutics by 795.3% in the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock worth $3,391,000 after buying an additional 41,040 shares during the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics News Roundup

Here are the key news stories impacting Corcept Therapeutics this week:

• Positive Sentiment: Quarterly results exceeded expectations. Second-quarter revenue increased 31.7% year over year to $256.1 million, ahead of the roughly $221 million consensus. Adjusted earnings were $0.36 per share, substantially above estimates ranging from a $0.04 loss to approximately $0.02 in profit, and above $0.29 a year earlier. Zacks earnings report
• Positive Sentiment: Profitability and cash generation improved. Operating profit rose 54.8% to $41.3 million, net income reached $42.1 million, and operating cash flow was $33.5 million. Corcept ended the quarter with $111 million in cash and modest capital spending, supporting investment in its pipeline and commercial operations. Quiver Quantitative earnings summary
• Positive Sentiment: Full-year revenue guidance was raised. Management now expects 2026 revenue of $1.1 billion to $1.2 billion, above the approximately $1.0 billion analyst consensus. Executives cited strong momentum in the oncology and Cushing’s syndrome businesses. Corcept second-quarter results
• Neutral Sentiment: Analyst expectations are mixed. Recent price targets range from $72 to $135, with a median of $91.50, indicating considerable disagreement about Corcept’s valuation and growth prospects.
• Negative Sentiment: Wolfe Research downgraded CORT to Underperform. The downgrade creates a near-term counterweight to the earnings beat and higher guidance. Wolfe Research downgrade
• Negative Sentiment: Insider selling remains a concern. Quiver reported 34 insider sales versus two purchases over the past six months, including sales by several executives. In addition, the stock’s very high price-to-earnings ratio leaves it vulnerable if growth or guidance disappoints.

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.