Corcept Therapeutics’ (CORT) “Underperform” Rating Reaffirmed at Wolfe Research

Corcept Therapeutics (NASDAQ:CORT)‘s stock had its “underperform” rating reissued by equities researchers at Wolfe Research in a report released on Monday,Benzinga reports. They presently have a $50.00 price objective on the biotechnology company’s stock. Wolfe Research’s price target would indicate a potential downside of 47.57% from the company’s current price.

Several other research firms have also recently weighed in on CORT. Canaccord Genuity Group boosted their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Piper Sandler increased their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a research note on Monday, June 15th. Finally, HC Wainwright upped their target price on Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $92.17.

Corcept Therapeutics Stock Performance

Shares of NASDAQ:CORT opened at $95.36 on Monday. The stock has a market cap of $10.24 billion, a PE ratio of 272.46 and a beta of 0.47. The stock’s fifty day simple moving average is $80.40 and its two-hundred day simple moving average is $54.61. Corcept Therapeutics has a 1-year low of $28.66 and a 1-year high of $97.63.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The firm had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The business’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.17 EPS. On average, sell-side analysts forecast that Corcept Therapeutics will post 0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David L. Mahoney sold 20,000 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the completion of the transaction, the director owned 26,147 shares in the company, valued at approximately $2,210,205.91. This represents a 43.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William Guyer sold 20,000 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $93.13, for a total transaction of $1,862,600.00. Following the transaction, the insider owned 3,985 shares of the company’s stock, valued at approximately $371,123.05. The trade was a 83.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 300,000 shares of company stock worth $22,088,050 in the last ninety days. Corporate insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Large investors have recently modified their holdings of the stock. First Trust Advisors LP boosted its position in Corcept Therapeutics by 213.5% during the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock worth $87,609,000 after purchasing an additional 1,480,059 shares during the period. AQR Capital Management LLC raised its position in shares of Corcept Therapeutics by 546.9% in the third quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock valued at $125,264,000 after purchasing an additional 1,274,215 shares during the period. Geode Capital Management LLC lifted its stake in shares of Corcept Therapeutics by 38.0% during the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock valued at $92,892,000 after buying an additional 734,646 shares in the last quarter. Norges Bank purchased a new stake in shares of Corcept Therapeutics during the 4th quarter valued at approximately $24,213,000. Finally, UBS Group AG boosted its holdings in Corcept Therapeutics by 413.8% in the 3rd quarter. UBS Group AG now owns 549,938 shares of the biotechnology company’s stock worth $45,705,000 after buying an additional 442,898 shares during the period. Hedge funds and other institutional investors own 93.61% of the company’s stock.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.