In a report released yesterday, David Buck from B.Riley FBR reiterated a Buy rating on Corcept Therapeutics Inc (NASDAQ: CORT), with a price target of $30. The company’s shares closed yesterday at $16.28.
Buck wrote:
“We reiterate our Buy rating on Corcept Therapeutics (CORT) and reiterate our 12-month target of $30 per share. On June 18th, CORT shares fell by 12.9% to $16.88 while the benchmark Sciences group (SP603) fell by 1.2% and the NASDAQ Biotechnology Index (NBI) fell by just 0.7%. Weakness in CORT shares on Monday, June 18th, came later in the trading day in response, we believe, to Teva Pharmaceutical Industries’ (TEVA) motion to dismiss the patent infringement case related to Korlym, which is dated June 15, 2018. As a reminder, Corcept v. Teva Pharmaceuticals USA is in the early stages of litigation in US Jersey (Newark) with Justice Susan Wigenton presiding.”
According to TipRanks.com, Buck is a 4-star analyst with an average return of 16.9% and a 71.2% success rate. Buck covers the Healthcare sector, focusing on stocks such as Spectrum Pharmaceuticals, Supernus Pharmaceuticals, and Amag Pharmaceuticals.
Corcept Therapeutics Inc has an analyst consensus of Moderate Buy, with a price target consensus of $27.33.
See today’s analyst top recommended stocks >>
The company has a one-year high of $25.96 and a one-year low of $11.22. Currently, Corcept Therapeutics Inc has an average volume of 1.18M.
Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is neutral on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Corcept Therapeutics, Inc. engages in the development of drugs for the treatment of severe psychiatric, neurological, and metabolic disorders. It focuses on the development of drugs for disorders that are associated with a steroid hormone called cortisol. Its products include korlym and korlym support. The company was founded by David B. Singer and Joseph K.
