Corcept Therapeutics (NASDAQ:CORT) Price Target Raised to $40.00

Corcept Therapeutics (NASDAQ:CORT) had its price target boosted by analysts at HC Wainwright from $38.00 to $40.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price objective indicates a potential upside of 63.33% from the stock’s previous close.

Several other brokerages have also commented on CORT. StockNews.com raised Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. Truist Financial upped their target price on Corcept Therapeutics from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $40.10.

Corcept Therapeutics Stock Up 2.6 %

Corcept Therapeutics stock traded up $0.61 during midday trading on Thursday, reaching $24.49. The stock had a trading volume of 1,488,890 shares, compared to its average volume of 1,462,856. The firm has a market capitalization of $2.55 billion, a PE ratio of 25.48 and a beta of 0.50. Corcept Therapeutics has a 12 month low of $20.84 and a 12 month high of $34.28. The firm’s 50-day moving average price is $23.89 and its 200 day moving average price is $25.25.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Wednesday, May 1st. The biotechnology company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.04. The business had revenue of $146.80 million during the quarter, compared to analyst estimates of $141.19 million. Corcept Therapeutics had a return on equity of 21.98% and a net margin of 21.86%. The company’s quarterly revenue was up 38.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 EPS. Equities research analysts expect that Corcept Therapeutics will post 0.99 EPS for the current year.

Insider Buying and Selling at Corcept Therapeutics

In related news, CAO Joseph Douglas Lyon sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $26.00, for a total transaction of $26,000.00. Following the completion of the transaction, the chief accounting officer now owns 6,774 shares in the company, valued at $176,124. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $23.59, for a total value of $51,898.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Joseph Douglas Lyon sold 1,000 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $26.00, for a total value of $26,000.00. Following the sale, the chief accounting officer now directly owns 6,774 shares in the company, valued at $176,124. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,583 shares of company stock worth $2,070,596. 20.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CORT. FinTrust Capital Advisors LLC acquired a new stake in Corcept Therapeutics during the third quarter worth $27,000. GAMMA Investing LLC increased its stake in Corcept Therapeutics by 90.6% during the first quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 579 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in Corcept Therapeutics during the fourth quarter worth $32,000. Gladius Capital Management LP acquired a new stake in Corcept Therapeutics during the fourth quarter worth $36,000. Finally, Planned Solutions Inc. acquired a new stake in Corcept Therapeutics during the fourth quarter worth $45,000. 93.61% of the stock is owned by institutional investors and hedge funds.

About Corcept Therapeutics

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.