Corcept Therapeutics Incorporated (CORT) Shares Gap Up Following Analyst Upgrade
Corcept Therapeutics Incorporated (NASDAQ:CORT) shares gapped up prior to trading on Monday after Piper Jaffray Companies raised their price target on the stock from $18.00 to $24.00. The stock had previously closed at $16.79, but opened at $17.26. Piper Jaffray Companies currently has a buy rating on the stock. Corcept Therapeutics shares last traded at $17.79, with a volume of 2,009,734 shares changing hands.
A number of other brokerages have also commented on CORT. Stifel Nicolaus assumed coverage on Corcept Therapeutics in a report on Thursday, August 31st. They issued a “buy” rating and a $20.00 price objective on the stock. BidaskClub raised Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Friday, August 18th. Zacks Investment Research raised Corcept Therapeutics from a “hold” rating to a “strong-buy” rating and set a $14.00 target price on the stock in a report on Wednesday, July 19th. Ladenburg Thalmann Financial Services set a $20.00 target price on Corcept Therapeutics and gave the stock a “buy” rating in a report on Tuesday, July 18th. Finally, TheStreet raised Corcept Therapeutics from a “c+” rating to a “b” rating in a report on Monday, May 22nd. One analyst has rated the stock with a sell rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $16.17.
In related news, Director David L. Mahoney sold 6,091 shares of the firm’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $12.50, for a total value of $76,137.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David L. Mahoney sold 6,510 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $12.50, for a total value of $81,375.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,601 shares of company stock worth $532,513. 19.20% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA boosted its stake in Corcept Therapeutics by 2,942.9% in the second quarter. BNP Paribas Arbitrage SA now owns 9,707 shares of the biotechnology company’s stock valued at $115,000 after buying an additional 9,388 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Corcept Therapeutics by 52.6% in the second quarter. PNC Financial Services Group Inc. now owns 9,837 shares of the biotechnology company’s stock valued at $116,000 after buying an additional 3,390 shares in the last quarter. Sand Hill Global Advisors LLC acquired a new stake in Corcept Therapeutics in the second quarter valued at about $118,000. Jasper Ridge Partners L.P. acquired a new stake in Corcept Therapeutics in the second quarter valued at about $118,000. Finally, Virginia Retirement Systems ET AL acquired a new stake in Corcept Therapeutics in the second quarter valued at about $127,000. 61.48% of the stock is currently owned by institutional investors and hedge funds.
The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 88.51 and a beta of 2.07. The firm’s 50 day moving average is $14.46 and its 200-day moving average is $11.73.
Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Tuesday, August 1st. The biotechnology company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Corcept Therapeutics had a return on equity of 51.45% and a net margin of 22.28%. The company had revenue of $35.56 million for the quarter, compared to analyst estimates of $31.37 million. During the same period in the previous year, the company posted $0.01 EPS. The firm’s revenue for the quarter was up 80.3% compared to the same quarter last year. On average, equities research analysts predict that Corcept Therapeutics Incorporated will post $0.42 EPS for the current fiscal year.
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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