Corcept Therapeutics (NASDAQ:CORT) Price Target Raised to $76.00

Corcept Therapeutics (NASDAQ:CORT) had its target price lifted by equities research analysts at Truist Financial from $65.00 to $76.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s price target would suggest a potential upside of 61.81% from the company’s current price.

Other research analysts have also issued reports about the stock. Canaccord Genuity Group restated a “buy” rating and set a $38.00 price target on shares of Corcept Therapeutics in a research report on Tuesday, July 30th. HC Wainwright increased their price target on shares of Corcept Therapeutics from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Piper Sandler increased their price target on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $56.50.

Corcept Therapeutics Trading Up 6.9 %

Corcept Therapeutics stock traded up $3.04 during mid-day trading on Monday, reaching $46.97. The company had a trading volume of 308,571 shares, compared to its average volume of 1,193,778. Corcept Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $47.06. The business has a fifty day simple moving average of $36.39 and a 200 day simple moving average of $30.77. The company has a market cap of $4.89 billion, a P/E ratio of 43.76 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Monday, July 29th. The biotechnology company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.09. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The firm had revenue of $163.80 million during the quarter, compared to analyst estimates of $155.14 million. During the same period in the previous year, the company posted $0.25 EPS. The company’s revenue for the quarter was up 39.1% on a year-over-year basis. Research analysts forecast that Corcept Therapeutics will post 1.12 EPS for the current year.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Gary Charles Robb sold 3,101 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.71, for a total transaction of $110,736.71. Following the sale, the insider now owns 23,190 shares of the company’s stock, valued at approximately $828,114.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider William Guyer sold 10,000 shares of the business’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 transaction of $353,000.00. Following the completion of the sale, the insider now owns 6,039 shares in the company, valued at approximately $213,176.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gary Charles Robb sold 3,101 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.71, for a total transaction of $110,736.71. Following the completion of the transaction, the insider now directly owns 23,190 shares in the company, valued at $828,114.90. The disclosure for this sale can be found here. Insiders sold 23,251 shares of company stock worth $856,212 in the last 90 days. 20.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of large investors have recently added to or reduced their stakes in CORT. Norden Group LLC purchased a new stake in shares of Corcept Therapeutics during the first quarter valued at approximately $50,081,000. Jacobs Levy Equity Management Inc. acquired a new stake in Corcept Therapeutics in the first quarter worth about $18,426,000. Jupiter Asset Management Ltd. lifted its holdings in Corcept Therapeutics by 1,149.0% in the first quarter. Jupiter Asset Management Ltd. now owns 744,469 shares of the biotechnology company’s stock worth $18,753,000 after purchasing an additional 684,863 shares during the period. Clearbridge Investments LLC bought a new stake in Corcept Therapeutics in the first quarter worth about $14,670,000. Finally, Intrinsic Edge Capital Management LLC bought a new stake in Corcept Therapeutics in the fourth quarter worth about $15,164,000. 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.