Corcept Therapeutics Incorporated (NASDAQ:CORT)‘s stock had its “buy” rating reiterated by analysts at Piper Jaffray Companies in a research report issued to clients and investors on Wednesday. They presently have a $24.00 target price on the biotechnology company’s stock. Piper Jaffray Companies’ price target points to a potential upside of 28.41% from the company’s current price.
A number of other research analysts have also commented on CORT. BidaskClub lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Zacks Investment Research lowered Corcept Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Ladenburg Thalmann Financial Services set a $20.00 price objective on Corcept Therapeutics and gave the company a “buy” rating in a report on Tuesday, July 18th. Finally, Stifel Nicolaus initiated coverage on Corcept Therapeutics in a report on Thursday, August 31st. They set a “buy” rating and a $20.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Corcept Therapeutics has a consensus rating of “Buy” and a consensus target price of $16.17.
Corcept Therapeutics (NASDAQ:CORT) traded up 5.89% during midday trading on Wednesday, reaching $19.79. 1,179,101 shares of the company’s stock were exchanged. Corcept Therapeutics has a 12 month low of $6.11 and a 12 month high of $20.77. The company has a 50 day moving average price of $17.66 and a 200 day moving average price of $13.17. The company has a market cap of $2.24 billion, a P/E ratio of 98.95 and a beta of 2.12.
Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Tuesday, August 1st. The biotechnology company reported $0.10 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 firm had revenue of $35.56 million for the quarter, compared to analyst estimates of $31.37 million. During the same period in the prior year, the firm posted $0.01 EPS. The company’s revenue for the quarter was up 80.3% on a year-over-year basis. On average, equities analysts anticipate that Corcept Therapeutics will post $0.42 EPS for the current year.
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In other news, Director David L. Mahoney sold 6,091 shares of the stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $12.50, for a total transaction of $76,137.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David L. Mahoney sold 23,006 shares of the stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $12.50, for a total value of $287,575.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,091 shares of company stock worth $451,138. 19.20% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Suntrust Banks Inc. grew its holdings in shares of Corcept Therapeutics by 4.0% during the 2nd quarter. Suntrust Banks Inc. now owns 12,308 shares of the biotechnology company’s stock worth $145,000 after purchasing an additional 471 shares in the last quarter. Strs Ohio grew its holdings in shares of Corcept Therapeutics by 2.0% during the 2nd quarter. Strs Ohio now owns 72,900 shares of the biotechnology company’s stock worth $860,000 after purchasing an additional 1,400 shares in the last quarter. TIAA CREF Investment Management LLC grew its holdings in shares of Corcept Therapeutics by 0.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 347,171 shares of the biotechnology company’s stock worth $4,097,000 after purchasing an additional 2,360 shares in the last quarter. Metropolitan Life Insurance Co. NY grew its holdings in shares of Corcept Therapeutics by 5.6% during the 1st quarter. Metropolitan Life Insurance Co. NY now owns 56,303 shares of the biotechnology company’s stock worth $617,000 after purchasing an additional 2,992 shares in the last quarter. Finally, American International Group Inc. grew its holdings in shares of Corcept Therapeutics by 7.1% during the 1st quarter. American International Group Inc. now owns 46,000 shares of the biotechnology company’s stock worth $504,000 after purchasing an additional 3,042 shares in the last quarter. 61.48% of the stock is currently owned by institutional investors.
About Corcept Therapeutics
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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