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

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) have received an average rating of “Moderate Buy” from the eight analysts that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $138.1667.

CORT has been the subject of several recent research reports. Piper Sandler restated an “overweight” rating and issued a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Truist Financial began coverage on shares of Corcept Therapeutics in a research report on Tuesday, August 18th. They issued a “buy” rating and a $164.00 price objective on the stock. Weiss Ratings raised Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 20th. UBS Group set a $135.00 price target on Corcept Therapeutics in a research note on Thursday, May 28th. Finally, 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.

Insiders Place Their Bets

In other news, 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 completion of the transaction, the director directly owned 30,000 shares in the company, valued at $3,676,500. This trade represents a 47.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction dated 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 sale, the insider directly owned 3,985 shares of the company’s stock, valued at $281,341. This trade represents a 83.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 497,786 shares of company stock valued at $50,817,090. Insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in Corcept Therapeutics during the second quarter valued at approximately $1,080,964,000. California State Teachers Retirement System raised its position in shares of Corcept Therapeutics by 8,572.7% in the second quarter. California State Teachers Retirement System now owns 9,611,888 shares of the biotechnology company’s stock worth $835,754,000 after acquiring an additional 9,501,059 shares during the period. Parallel Advisors LLC boosted its stake in shares of 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 acquiring an additional 96,763 shares in the last quarter. State Street Corp boosted its position in Corcept Therapeutics by 0.5% during the fourth quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company’s stock worth $103,915,000 after purchasing an additional 15,656 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Corcept Therapeutics by 38.0% in the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock valued at $92,892,000 after purchasing an additional 734,646 shares during the period. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Down 2.6%

Shares of NASDAQ CORT opened at $113.88 on Monday. Corcept Therapeutics has a twelve month low of $28.66 and a twelve month high of $126.38. The firm has a market cap of $12.31 billion, a PE ratio of 271.15 and a beta of 0.45. The business has a fifty day simple moving average of $101.17 and a two-hundred day simple moving average of $67.37.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The firm had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. During the same quarter last year, the firm posted $0.29 earnings per share. The business’s revenue for the quarter was up 31.7% on a year-over-year basis. On average, research analysts expect that Corcept Therapeutics will post 1.77 earnings per share for the current year.

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.