Corcept Therapeutics (NASDAQ:CORT) Stock Price Up 5% – Still a Buy?

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s share price shot up 5% during trading on Monday. The stock traded as high as $91.12 and last traded at $90.1290. Approximately 164,303 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 1,468,964 shares. The stock had previously closed at $85.86.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CORT. Wolfe Research cut Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 target price on the stock. in a research note on Monday, July 27th. HC Wainwright reaffirmed a “buy” rating and issued a $165.00 price target on shares of Corcept Therapeutics in a research report on Friday, September 18th. Truist Financial began coverage on shares of Corcept Therapeutics in a research note on Tuesday, August 18th. They issued a “buy” rating and a $164.00 price target on the stock. Canaccord Genuity Group increased their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Finally, Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $138.17.

Corcept Therapeutics Price Performance

The firm has a 50-day moving average of $114.07 and a 200-day moving average of $73.91.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.34. The business had revenue of $256.15 million during the quarter, compared to analysts’ expectations of $221.15 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The firm’s revenue for the quarter was up 31.7% compared to the same quarter last year. On average, equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director David L. Mahoney sold 103,606 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the sale, the director owned 1,133,539 shares in the company, valued at $134,040,986.75. This trade represents a 8.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Sean Maduck sold 30,955 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $125.58, for a total transaction of $3,887,328.90. Following the transaction, the insider directly owned 9,755 shares of the company’s stock, valued at $1,225,032.90. This trade represents a 76.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 454,748 shares of company stock valued at $52,786,210 in the last 90 days. Insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CORT. BlackRock Inc. bought a new stake in Corcept Therapeutics in the second quarter worth about $1,080,964,000. First Trust Advisors LP increased its position in shares of Corcept Therapeutics by 213.5% during the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock worth $87,609,000 after acquiring an additional 1,480,059 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Corcept Therapeutics during the second quarter valued at approximately $49,185,000. Bank of America Corp DE bought a new stake in shares of Corcept Therapeutics during the second quarter valued at approximately $28,569,000. Finally, Legal & General Group Plc purchased a new stake in shares of Corcept Therapeutics in the second quarter valued at approximately $18,962,000. 93.61% of the stock is owned by hedge funds and other institutional investors.

About Corcept Therapeutics

Corcept Therapeutics Incorporated (NASDAQ:CORT) is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept’s primary marketed product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.