Corcept Therapeutics (NASDAQ:CORT) Reaches New 52-Week High on Analyst Upgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares hit a new 52-week high on Monday after Truist Financial raised their price target on the stock from $65.00 to $76.00. Truist Financial currently has a buy rating on the stock. Corcept Therapeutics traded as high as $45.26 and last traded at $45.24, with a volume of 44573 shares changing hands. The stock had previously closed at $43.93.

A number of other analysts also recently weighed in on the company. HC Wainwright lifted their price target on Corcept Therapeutics from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Canaccord Genuity Group reiterated a “buy” rating and issued a $38.00 price target on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Finally, Piper Sandler boosted their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $56.50.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider Gary Charles Robb sold 11,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the transaction, the insider now owns 22,772 shares of the company’s stock, valued at approximately $1,053,888.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Gary Charles Robb sold 11,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the transaction, the insider now directly owns 22,772 shares of the company’s stock, valued at approximately $1,053,888.16. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William Guyer sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the completion of the sale, the insider now directly owns 6,039 shares in the company, valued at approximately $213,176.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,251 shares of company stock valued at $1,365,292. Insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of Corcept Therapeutics by 90.6% in the first quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 579 shares during the period. Park Place Capital Corp acquired a new stake in Corcept Therapeutics in the 2nd quarter worth about $32,000. Atwood & Palmer Inc. purchased a new stake in Corcept Therapeutics in the 2nd quarter valued at about $35,000. FinTrust Capital Advisors LLC lifted its holdings in shares of Corcept Therapeutics by 318.7% during the 1st quarter. FinTrust Capital Advisors LLC now owns 1,771 shares of the biotechnology company’s stock worth $45,000 after acquiring an additional 1,348 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of Corcept Therapeutics by 125.4% in the second quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company’s stock worth $115,000 after acquiring an additional 1,962 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Up 1.0 %

The business’s fifty day moving average is $36.63 and its 200-day moving average is $30.93. The stock has a market capitalization of $4.87 billion, a PE ratio of 44.10 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Monday, July 29th. The biotechnology company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.09. The firm had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $155.14 million. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The firm’s revenue for the quarter was up 39.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.25 earnings per share. As a group, sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.12 EPS for the current fiscal year.

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.