Corcept Therapeutics (NASDAQ:CORT) Reaches New 52-Week High – Here’s Why

Corcept Therapeutics Incorporated (NASDAQ:CORT) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $62.46 and last traded at $62.50, with a volume of 624163 shares traded. The stock had previously closed at $59.03.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Corcept Therapeutics in a research note on Thursday, October 31st. StockNews.com downgraded shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. Finally, Truist Financial boosted their price objective on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $65.25.

Corcept Therapeutics Trading Down 3.7 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The company has a market capitalization of $6.29 billion, a P/E ratio of 47.61 and a beta of 0.56. The company’s fifty day simple moving average is $55.16 and its 200-day simple moving average is $45.77.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.14. The company had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. Corcept Therapeutics’s revenue was up 47.7% compared to the same quarter last year. During the same period last year, the company posted $0.28 earnings per share. Research analysts predict that Corcept Therapeutics Incorporated will post 1.35 earnings per share for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $59.88, for a total transaction of $131,736.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider William Guyer sold 6,606 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $48.97, for a total value of $323,495.82. Following the completion of the transaction, the insider now directly owns 5,796 shares in the company, valued at approximately $283,830.12. The trade was a 53.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,011 shares of company stock worth $1,951,268 over the last quarter. Insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

A number of hedge funds have recently added to or reduced their stakes in CORT. Jacobs Levy Equity Management Inc. grew its stake in Corcept Therapeutics by 40.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,223,781 shares of the biotechnology company’s stock valued at $56,637,000 after acquiring an additional 352,947 shares during the period. FMR LLC increased its stake in shares of Corcept Therapeutics by 24.6% during the third quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock worth $63,122,000 after purchasing an additional 269,074 shares in the last quarter. Synergy Asset Management LLC increased its stake in shares of Corcept Therapeutics by 131.3% during the fourth quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company’s stock worth $22,369,000 after purchasing an additional 262,503 shares in the last quarter. M&G PLC acquired a new position in shares of Corcept Therapeutics during the 3rd quarter worth about $11,173,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Corcept Therapeutics by 20.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company’s stock valued at $39,781,000 after buying an additional 143,507 shares in the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

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.