Corcept Therapeutics (NASDAQ:CORT) Price Target Raised to $80.00

Corcept Therapeutics (NASDAQ:CORT) had its target price upped by HC Wainwright from $45.00 to $80.00 in a report released on Friday morning, MarketBeat.com reports. The firm currently has a buy rating on the biotechnology company’s stock.

A number of other equities analysts have also commented on the company. Piper Sandler boosted their price objective on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Canaccord Genuity Group reissued a “buy” rating and set a $38.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Finally, Truist Financial boosted their target price on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $65.25.

Corcept Therapeutics Stock Performance

CORT opened at $49.75 on Friday. The firm has a market cap of $5.18 billion, a price-to-earnings ratio of 46.93 and a beta of 0.46. The firm’s 50-day simple moving average is $39.65 and its 200-day simple moving average is $33.04. Corcept Therapeutics has a twelve month low of $20.84 and a twelve month high of $50.07.

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

Insiders Place Their Bets

In other news, insider Gary Charles Robb sold 3,101 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.71, for a total value of $110,736.71. Following the transaction, the insider now owns 23,190 shares of the company’s stock, valued at approximately $828,114.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Gary Charles Robb sold 3,101 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.71, for a total value of $110,736.71. Following the transaction, the insider now owns 23,190 shares of the company’s stock, valued at $828,114.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider William Guyer sold 10,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $35.30, for a total value of $353,000.00. Following the sale, the insider now directly owns 6,039 shares of the company’s stock, valued at approximately $213,176.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,251 shares of company stock valued at $1,365,292. 20.50% of the stock is currently owned by insiders.

Institutional Trading of Corcept Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of CORT. Goldman Sachs Group Inc. increased its stake in Corcept Therapeutics by 30.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 532,760 shares of the biotechnology company’s stock valued at $17,304,000 after purchasing an additional 124,185 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Corcept Therapeutics by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 9,537,532 shares of the biotechnology company’s stock worth $309,779,000 after acquiring an additional 239,887 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Corcept Therapeutics by 28.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,008 shares of the biotechnology company’s stock valued at $358,000 after acquiring an additional 2,432 shares during the period. GAMMA Investing LLC increased its holdings 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 worth $31,000 after acquiring an additional 579 shares in the last quarter. Finally, Sound Income Strategies LLC bought a new position in shares of Corcept Therapeutics during the 1st quarter valued at about $125,000. 93.61% of the stock is owned by institutional investors.

Corcept Therapeutics Company Profile

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.