Corcept Therapeutics Incorporated (NASDAQ:CORT) Receives $88.83 Average Price Target from Analysts

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) have earned a consensus rating of “Moderate Buy” from the eight analysts that are covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $88.8333.

Several equities research analysts recently commented on the stock. Wolfe Research upgraded shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research report on Thursday, March 26th. Canaccord Genuity Group lifted their target price on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Piper Sandler lifted their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Finally, Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, CFO Atabak Mokari sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $70.00, for a total transaction of $2,800,000.00. Following the completion of the transaction, the chief financial officer owned 15,257 shares in the company, valued at approximately $1,067,990. This trade represents a 72.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Sean Maduck sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $70.21, for a total transaction of $1,755,250.00. Following the transaction, the insider owned 8,977 shares of the company’s stock, valued at approximately $630,275.17. The trade was a 73.58% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 242,965 shares of company stock worth $14,802,964 over the last quarter. Insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. FAS Wealth Partners Inc. raised its holdings in Corcept Therapeutics by 4.0% during the 1st quarter. FAS Wealth Partners Inc. now owns 322,370 shares of the biotechnology company’s stock worth $12,995,000 after purchasing an additional 12,352 shares during the last quarter. Parallel Advisors LLC raised its holdings in Corcept Therapeutics by 2.5% during the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock worth $160,329,000 after purchasing an additional 96,763 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Corcept Therapeutics by 727.2% in the first quarter. NewEdge Advisors LLC now owns 9,364 shares of the biotechnology company’s stock worth $377,000 after purchasing an additional 8,232 shares in the last quarter. Perceptive Advisors LLC acquired a new position in Corcept Therapeutics in the first quarter valued at approximately $2,016,000. Finally, Avidity Partners Management LP lifted its stake in Corcept Therapeutics by 36.4% in the first quarter. Avidity Partners Management LP now owns 30,000 shares of the biotechnology company’s stock valued at $1,209,000 after buying an additional 8,000 shares during the period. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock opened at $82.91 on Wednesday. The company has a market capitalization of $8.90 billion, a price-to-earnings ratio of 236.89 and a beta of 0.50. Corcept Therapeutics has a 12-month low of $28.66 and a 12-month high of $91.00. The firm’s 50-day moving average price is $55.70 and its two-hundred day moving average price is $52.08.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. During the same quarter in the previous year, the business posted $0.17 earnings per share. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, sell-side analysts expect that Corcept Therapeutics will post 0.62 earnings per share for the current year.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.