Corcept Therapeutics Incorporated (NASDAQ:CORT) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) have been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $88.8333.

Several brokerages have issued reports on CORT. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a research report on Monday, June 15th. Wolfe Research raised shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. Canaccord Genuity Group raised their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock opened at $90.21 on Friday. The business has a 50 day simple moving average of $67.96 and a two-hundred day simple moving average of $52.45. Corcept Therapeutics has a 12 month low of $28.66 and a 12 month high of $91.00. The stock has a market capitalization of $9.68 billion, a P/E ratio of 257.75 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm had revenue of $164.90 million for the quarter, compared to analysts’ expectations of $185.83 million. During the same quarter in the previous year, the firm posted $0.17 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, research analysts anticipate that Corcept Therapeutics will post 0.53 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider William Guyer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $70.60, for a total value of $1,412,000.00. Following the completion of the sale, the insider owned 3,985 shares of the company’s stock, valued at approximately $281,341. This trade represents a 83.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David L. Mahoney sold 20,000 shares of Corcept Therapeutics stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total value of $1,690,600.00. Following the transaction, the director owned 26,147 shares in the company, valued at approximately $2,210,205.91. The trade was a 43.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 275,000 shares of company stock worth $18,836,100. 20.70% of the stock is owned by company insiders.

Institutional Trading of Corcept Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of CORT. Advisory Services Network LLC acquired a new position in shares of Corcept Therapeutics during the 3rd quarter valued at about $25,000. Larson Financial Group LLC increased its position in Corcept Therapeutics by 2,326.3% during the third quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company’s stock worth $38,000 after purchasing an additional 442 shares during the last quarter. Gould Capital LLC increased its position in Corcept Therapeutics by 50.0% during the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company’s stock worth $50,000 after purchasing an additional 200 shares during the last quarter. Torren Management LLC purchased a new position in Corcept Therapeutics during the fourth quarter worth about $25,000. Finally, CIBC Private Wealth Group LLC raised its stake in Corcept Therapeutics by 128.5% during the third quarter. CIBC Private Wealth Group LLC now owns 770 shares of the biotechnology company’s stock worth $64,000 after purchasing an additional 433 shares during the period. 93.61% of the stock is owned by institutional investors and hedge funds.

About Corcept Therapeutics

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.