Zacks Investment Research cut shares of Corcept Therapeutics (NASDAQ:CORT) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
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 the company. Piper Jaffray Companies set a $30.00 price target on Corcept Therapeutics and gave the company a buy rating in a report on Tuesday, October 31st. BidaskClub downgraded Corcept Therapeutics from a buy rating to a hold rating in a report on Thursday, December 7th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $21.00.
Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.02). Corcept Therapeutics had a net margin of 27.28% and a return on equity of 58.17%. The firm had revenue of $42.70 million during the quarter, compared to the consensus estimate of $41.64 million. During the same quarter last year, the firm posted $0.02 earnings per share. Corcept Therapeutics’s revenue was up 96.8% compared to the same quarter last year. research analysts anticipate that Corcept Therapeutics will post 0.47 earnings per share for the current fiscal year.
In related news, Director G Leonard Baker, Jr. sold 30,000 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $17.59, for a total transaction of $527,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert S. Fishman sold 8,000 shares of the company’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $16.72, for a total value of $133,760.00. Following the transaction, the insider now owns 8,000 shares of the company’s stock, valued at $133,760. The disclosure for this sale can be found here. 19.20% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of CORT. Renaissance Technologies LLC grew its stake 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 buying an additional 824,900 shares during the last quarter. Vanguard Group Inc. grew its stake 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 buying an additional 689,554 shares during the last quarter. Teachers Advisors LLC grew its stake in Corcept Therapeutics by 316.9% during the 2nd quarter. Teachers Advisors LLC now owns 817,245 shares of the biotechnology company’s stock worth $9,643,000 after buying an additional 621,219 shares during the last quarter. Wells Fargo & Company MN grew its stake in Corcept Therapeutics by 644.4% during the 3rd quarter. Wells Fargo & Company MN now owns 715,261 shares of the biotechnology company’s stock worth $13,805,000 after buying an additional 619,180 shares during the last quarter. Finally, Prudential Financial Inc. grew its stake in Corcept Therapeutics by 3,409.5% during the 2nd quarter. Prudential Financial Inc. now owns 633,223 shares of the biotechnology company’s stock worth $7,472,000 after buying an additional 615,180 shares during the last quarter. Hedge funds and other institutional investors own 64.64% of the company’s stock.
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About Corcept Therapeutics
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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