Corcept Therapeutics (NASDAQ:CORT) Issues Quarterly Earnings Results

Corcept Therapeutics (NASDAQ:CORT) posted its quarterly earnings data on Wednesday. The biotechnology company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.04, Briefing.com reports. The firm had revenue of $146.80 million during the quarter, compared to analysts’ expectations of $141.19 million. Corcept Therapeutics had a net margin of 22.38% and a return on equity of 25.29%. The company’s quarterly revenue was up 38.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.14 EPS. Corcept Therapeutics updated its FY 2024 guidance to EPS.

Corcept Therapeutics Trading Down 2.2 %

Shares of NASDAQ:CORT traded down $0.54 during trading on Friday, hitting $24.52. 1,697,865 shares of the company’s stock were exchanged, compared to its average volume of 1,475,064. Corcept Therapeutics has a 1-year low of $20.84 and a 1-year high of $34.28. The firm has a 50-day moving average price of $23.93 and a two-hundred day moving average price of $25.25. The firm has a market cap of $2.55 billion, a P/E ratio of 23.64 and a beta of 0.50.

Insider Activity at Corcept Therapeutics

In related news, CAO Joseph Douglas Lyon sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $26.00, for a total transaction of $26,000.00. Following the completion of the transaction, the chief accounting officer now owns 6,774 shares in the company, valued at $176,124. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $25.30, for a total value of $55,660.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Joseph Douglas Lyon sold 1,000 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $26.00, for a total transaction of $26,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,774 shares in the company, valued at approximately $176,124. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,583 shares of company stock worth $2,070,596. 20.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Truist Financial raised their price objective on shares of Corcept Therapeutics from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday. HC Wainwright raised their price objective on shares of Corcept Therapeutics from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday. Finally, StockNews.com cut shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Friday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $40.10.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.