Corcept Therapeutics Incorporated (NASDAQ:CORT) Raised to “Strong-Buy” at BidaskClub
Corcept Therapeutics Incorporated (NASDAQ:CORT) was upgraded by research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday.
Several other brokerages also recently commented on CORT. Zacks Investment Research raised Corcept Therapeutics from a “hold” rating to a “strong-buy” rating and set a $14.00 price objective for the company in a research note on Wednesday, July 19th. Ladenburg Thalmann Financial Services set a $20.00 price objective on Corcept Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, July 18th. TheStreet raised Corcept Therapeutics from a “c+” rating to a “b” rating in a research note on Monday, May 22nd. Finally, Piper Jaffray Companies set a $18.00 price objective on Corcept Therapeutics and gave the stock a “buy” rating in a research note on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $14.20.
Corcept Therapeutics (CORT) traded down 0.48% on Tuesday, reaching $12.47. The company’s stock had a trading volume of 428,740 shares. The company has a market cap of $1.41 billion, a P/E ratio of 114.40 and a beta of 2.05. The firm’s 50-day moving average price is $11.92 and its 200 day moving average price is $10.16. Corcept Therapeutics has a 52-week low of $5.24 and a 52-week high of $13.25.
Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Monday, May 1st. The biotechnology company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. The firm had revenue of $27.60 million during the quarter, compared to the consensus estimate of $25.53 million. Corcept Therapeutics had a return on equity of 33.97% and a net margin of 13.51%. The firm’s revenue for the quarter was up 71.9% on a year-over-year basis. Equities analysts anticipate that Corcept Therapeutics will post $0.26 EPS for the current fiscal year.
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In other news, Director David L. Mahoney sold 6,994 shares of the company’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $12.50, for a total value of $87,425.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Gary Charles Robb bought 5,600 shares of Corcept Therapeutics stock in a transaction dated Thursday, May 4th. The stock was acquired at an average cost of $9.75 per share, with a total value of $54,600.00. Following the completion of the acquisition, the chief financial officer now owns 6,858 shares of the company’s stock, valued at $66,865.50. The disclosure for this purchase can be found here. Over the last three months, insiders sold 42,601 shares of company stock valued at $532,513. Company insiders own 19.20% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in CORT. Hillsdale Investment Management Inc. acquired a new position in Corcept Therapeutics during the first quarter valued at about $1,132,000. Trexquant Investment LP acquired a new position in Corcept Therapeutics during the first quarter valued at about $202,000. UBS Asset Management Americas Inc. raised its position in Corcept Therapeutics by 178.6% in the first quarter. UBS Asset Management Americas Inc. now owns 46,217 shares of the biotechnology company’s stock valued at $507,000 after buying an additional 29,629 shares in the last quarter. Bank of New York Mellon Corp raised its position in Corcept Therapeutics by 96.3% in the first quarter. Bank of New York Mellon Corp now owns 884,647 shares of the biotechnology company’s stock valued at $9,696,000 after buying an additional 434,080 shares in the last quarter. Finally, Chicago Equity Partners LLC raised its position in Corcept Therapeutics by 5.2% in the first quarter. Chicago Equity Partners LLC now owns 54,435 shares of the biotechnology company’s stock valued at $597,000 after buying an additional 2,680 shares in the last quarter. 53.49% of the stock is owned by institutional investors.
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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