Corcept Therapeutics (NASDAQ:CORT) Hits New 1-Year High on Analyst Upgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares reached a new 52-week high during trading on Monday after Truist Financial raised their price target on the stock from $65.00 to $76.00. Truist Financial currently has a buy rating on the stock. Corcept Therapeutics traded as high as $45.26 and last traded at $45.24, with a volume of 44573 shares traded. The stock had previously closed at $43.93.

Several other brokerages also recently weighed in on CORT. Piper Sandler upped their target price on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Canaccord Genuity Group reiterated a “buy” rating and issued a $38.00 target price on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Finally, HC Wainwright increased their price target on Corcept Therapeutics from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Corcept Therapeutics has a consensus rating of “Buy” and an average price target of $56.50.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider William Guyer sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $38.67, for a total transaction of $386,700.00. Following the completion of the transaction, the insider now directly owns 6,039 shares of the company’s stock, valued at approximately $233,528.13. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider William Guyer sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $38.67, for a total transaction of $386,700.00. Following the completion of the sale, the insider now owns 6,039 shares in the company, valued at approximately $233,528.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gary Charles Robb sold 11,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the transaction, the insider now owns 22,772 shares of the company’s stock, valued at approximately $1,053,888.16. The disclosure for this sale can be found here. Insiders have sold a total of 34,251 shares of company stock worth $1,365,292 over the last ninety days. Corporate insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norden Group LLC purchased a new position in Corcept Therapeutics during the 1st quarter worth approximately $50,081,000. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Corcept Therapeutics in the first quarter valued at approximately $18,426,000. Jupiter Asset Management Ltd. grew its position in shares of Corcept Therapeutics by 1,149.0% during the first quarter. Jupiter Asset Management Ltd. now owns 744,469 shares of the biotechnology company’s stock worth $18,753,000 after acquiring an additional 684,863 shares during the last quarter. Clearbridge Investments LLC acquired a new position in shares of Corcept Therapeutics in the 1st quarter valued at $14,670,000. Finally, Intrinsic Edge Capital Management LLC purchased a new stake in Corcept Therapeutics in the 4th quarter valued at $15,164,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Trading Up 1.0 %

The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 44.10 and a beta of 0.45. The stock’s 50 day moving average is $36.63 and its two-hundred day moving average is $30.93.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Monday, July 29th. The biotechnology company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.09. The business had revenue of $163.80 million during the quarter, compared to the consensus estimate of $155.14 million. Corcept Therapeutics had a net margin of 21.93% and a return on equity of 23.66%. The business’s quarterly revenue was up 39.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.25 earnings per share. On average, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.12 EPS for the current year.

About Corcept Therapeutics

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.