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

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) reached a new 52-week high on Tuesday . The company traded as high as $92.83 and last traded at $91.61, with a volume of 1171739 shares trading hands. The stock had previously closed at $90.21.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CORT. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Piper Sandler lifted their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a research note on Monday, June 15th. HC Wainwright increased their price objective on Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, Wolfe Research upgraded Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $88.83.

Corcept Therapeutics Stock Down 1.2%

The stock has a market cap of $9.98 billion, a P/E ratio of 265.55 and a beta of 0.47. The firm has a 50 day moving average price of $70.78 and a 200 day moving average price of $52.44.

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

Insiders Place Their Bets

In related news, insider Sean Maduck sold 75,000 shares of Corcept Therapeutics stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $65.59, for a total transaction of $4,919,250.00. Following the transaction, the insider owned 8,977 shares in the company, valued at approximately $588,801.43. The trade was a 89.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James N. Wilson sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $83.20, for a total transaction of $832,000.00. Following the completion of the transaction, the director directly owned 1,094,543 shares of the company’s stock, valued at $91,065,977.60. This represents a 0.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 300,000 shares of company stock valued at $22,088,050. Insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

A number of hedge funds have recently made changes to their positions in CORT. Torren Management LLC purchased a new position in Corcept Therapeutics in the 4th quarter worth approximately $25,000. Advisory Services Network LLC bought a new stake in shares of Corcept Therapeutics during the third quarter valued at approximately $25,000. Atlas Capital Advisors Inc. bought a new position in shares of Corcept Therapeutics during the 4th quarter valued at about $31,000. State of Wyoming grew its position in shares of Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 186 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its holdings in shares of Corcept Therapeutics by 113.7% in the fourth quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock worth $34,000 after purchasing an additional 524 shares during the last quarter. Institutional investors own 93.61% of the company’s stock.

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.