Zacks Investment Research downgraded shares of Corcept Therapeutics Inc. (NASDAQ:CORT) from a strong-buy rating to a hold rating in a report published on Tuesday.
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 reaffirmed a buy rating on shares of Corcept Therapeutics in a report on Thursday, August 4th.
Corcept Therapeutics (NASDAQ:CORT) traded down 1.03% during mid-day trading on Tuesday, hitting $6.71. 183,924 shares of the stock were exchanged. The firm has a 50-day moving average price of $5.86 and a 200-day moving average price of $5.46. Corcept Therapeutics has a 12-month low of $3.22 and a 12-month high of $6.88. The stock has a market capitalization of $742.09 million, a P/E ratio of 745.56 and a beta of 1.41.
Corcept Therapeutics (NASDAQ:CORT) last released its quarterly 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. Corcept Therapeutics had a return on equity of 19.40% and a net margin of 2.06%. The business earned $19.70 million during the quarter, compared to analysts’ expectations of $18.36 million. Equities analysts predict that Corcept Therapeutics will post $0.04 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in CORT. Guggenheim Capital LLC raised its stake 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 worth $163,000 after buying an additional 1,501 shares during the last quarter. BlackRock Advisors LLC raised its stake in shares of 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 during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of 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 during the last quarter. American International Group Inc. raised its stake in shares of 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 during the last quarter. Finally, Nationwide Fund Advisors raised its stake in shares of 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 during the last quarter. Hedge funds and other institutional investors own 41.33% of the company’s stock.
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.