Corcept Therapeutics Inc. (CORT) Downgraded to Hold at Zacks Investment Research
According to Zacks, “Corcept’s only marketed drug, Korlym, is approved for the once-daily oral treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing’s syndrome. Corcept’s efforts to expand Korlym’s label are encouraging. Korlym is currently in a phase I/II study for the treatment of triple-negative breast cancer. We expect a successful label expansion of the drug to boost the company’s top line significantly. The second-most advanced candidate in Corcept’s pipeline is CORT125134. Corcept has begun dosing patients in a phase I/II study to treat patients with solid-tumor cancers. The company is also evaluating CORT125134’s efficacy in the treatment of patients with Cushing's syndrome. However, Corcept’s dependence on a single product for growth remains a concern. Any setback in the ongoing studies will adversely impact shares.”
Separately, FBR & Co reiterated a buy rating on shares of Corcept Therapeutics in a research report on Thursday, August 4th.
Corcept Therapeutics (NASDAQ:CORT) traded down 1.03% during trading on Tuesday, hitting $6.71. 183,924 shares of the stock were exchanged. The stock’s 50-day moving average price is $5.86 and its 200-day moving average price is $5.46. The firm has a market cap of $742.09 million, a PE ratio of 745.56 and a beta of 1.41. Corcept Therapeutics has a 12-month low of $3.22 and a 12-month high of $6.88.
Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Tuesday, August 2nd. The company reported $0.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.02. The firm earned $19.70 million during the quarter, compared to analyst estimates of $18.36 million. Corcept Therapeutics had a net margin of 2.06% and a return on equity of 19.40%. On average, equities analysts expect that Corcept Therapeutics will post $0.04 EPS for the current year.
A number of hedge funds have recently bought and sold shares of the stock. Guggenheim Capital LLC raised its stake in Corcept Therapeutics by 5.3% in the second quarter. Guggenheim Capital LLC now owns 29,791 shares of the company’s stock worth $163,000 after buying an additional 1,501 shares in the last quarter. BlackRock Advisors LLC raised its stake in Corcept Therapeutics by 14.3% in the second quarter. BlackRock Advisors LLC now owns 37,135 shares of the company’s stock worth $203,000 after buying an additional 4,637 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in Corcept Therapeutics by 13.5% in the first quarter. UBS Asset Management Americas Inc. now owns 39,388 shares of the company’s stock worth $184,000 after buying an additional 4,688 shares in the last quarter. American International Group Inc. raised its stake in Corcept Therapeutics by 18.6% in the second quarter. American International Group Inc. now owns 43,003 shares of the company’s stock worth $235,000 after buying an additional 6,753 shares in the last quarter. Finally, Nationwide Fund Advisors raised its stake in Corcept Therapeutics by 17.3% in the second quarter. Nationwide Fund Advisors now owns 48,502 shares of the company’s stock worth $265,000 after buying an additional 7,141 shares in the last quarter. 41.33% of the stock is owned by institutional investors.
Corcept Therapeutics Company Profile
Corcept Therapeutics Inc 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’s focus is on those disorders that are associated with a steroid hormone cortisol. Elevated levels and abnormal release patterns of cortisol have been implicated in a range of human disorders.
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