Corcept Therapeutics (NASDAQ:CORT) Announces Quarterly Earnings Results, Beats Estimates By $0.22 EPS

Corcept Therapeutics (NASDAQ:CORT) issued its quarterly earnings data on Tuesday. The biotechnology company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.22, FiscalAI reports. The company had revenue of $340.47 million during the quarter, compared to the consensus estimate of $336.37 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%.

Corcept Therapeutics Stock Up 1.8%

Shares of CORT traded up $1.47 during mid-day trading on Tuesday, hitting $81.93. 1,504,057 shares of the company traded hands, compared to its average volume of 1,469,922. Corcept Therapeutics has a 1-year low of $28.66 and a 1-year high of $126.38. The company has a market capitalization of $8.86 billion, a PE ratio of 195.08 and a beta of 0.40. The business has a 50 day moving average of $111.14 and a 200 day moving average of $74.84.

Insider Buying and Selling

In other Corcept Therapeutics news, insider Roberto Vieira sold 58,333 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $110.76, for a total transaction of $6,460,963.08. Following the completion of the transaction, the insider directly owned 4,242 shares of the company’s stock, valued at approximately $469,843.92. This trade represents a 93.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kimberly Park sold 26,685 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total value of $3,270,246.75. Following the sale, the director directly owned 30,000 shares in the company, valued at approximately $3,676,500. This trade represents a 47.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 349,203 shares of company stock worth $40,686,076 over the last three months. Corporate insiders own 20.70% of the company’s stock.

Analysts Set New Price Targets

CORT has been the topic of a number of analyst reports. Truist Financial began coverage on Corcept Therapeutics in a report on Tuesday, August 18th. They issued a “buy” rating and a $164.00 price target on the stock. Wall Street Zen raised Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Canaccord Genuity Group lifted their target price on Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Zacks Research downgraded shares of Corcept Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 27th. Finally, Weiss Ratings raised shares of Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.17.

Corcept Therapeutics Company Profile

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.