Corcept Therapeutics Inc. (CORT) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Corcept Therapeutics Inc. (NASDAQ:CORT) from a hold rating to a buy rating in a research report sent to investors on Tuesday. They currently have $7.25 price target on the stock.
According to Zacks, “Corcept’s only marketed drug, Korlym, is approved for the once-daily oral treatment of hyperglycemia secondary to hypercortisolism in adults 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. Label expansion should boost the drug’s commercial potential 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. Estimates have been mostly stable ahead of the company’s Q3 earnings release. However, Corcept’s dependence on a single product for growth is concerning. Any setback in the ongoing studies will adversely impact shares.”
Separately, FBR & Co reissued a buy rating on shares of Corcept Therapeutics in a research report on Thursday, August 4th.
Shares of Corcept Therapeutics (NASDAQ:CORT) traded down 0.77% during mid-day trading on Tuesday, reaching $6.45. 7,215 shares of the company traded hands. The firm has a 50-day moving average price of $6.12 and a 200 day moving average price of $5.60. The firm has a market capitalization of $713.33 million, a price-to-earnings ratio of 716.67 and a beta of 1.41. Corcept Therapeutics has a 52 week low of $3.22 and a 52 week high of $6.90.
Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.02. The business 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, analysts anticipate that Corcept Therapeutics will post $0.04 earnings per share for the current year.
Institutional investors have recently modified their holdings of the company. Bank of Montreal Can acquired a new position in shares of Corcept Therapeutics during the second quarter valued at $100,000. Acrospire Investment Management LLC increased its position in shares of Corcept Therapeutics by 61.9% in the second quarter. Acrospire Investment Management LLC now owns 23,475 shares of the company’s stock valued at $128,000 after buying an additional 8,974 shares during the period. BlackRock Inc. increased its position in shares of Corcept Therapeutics by 709.7% in the second quarter. BlackRock Inc. now owns 27,699 shares of the company’s stock valued at $151,000 after buying an additional 24,278 shares during the period. Guggenheim Capital LLC increased its position in shares of Corcept Therapeutics by 5.3% in the second quarter. Guggenheim Capital LLC now owns 29,791 shares of the company’s stock valued at $163,000 after buying an additional 1,501 shares during the period. Finally, Smith Asset Management Group LP increased its position in shares of Corcept Therapeutics by 69.2% in the second quarter. Smith Asset Management Group LP now owns 30,080 shares of the company’s stock valued at $164,000 after buying an additional 12,300 shares during the period. Institutional investors own 41.33% of the company’s stock.
About Corcept Therapeutics
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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