Corcept Therapeutics (NASDAQ:CORT) Shares Gap Up Following Analyst Upgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares gapped up before the market opened on Monday after Canaccord Genuity Group raised their price target on the stock from $130.00 to $142.00. The stock had previously closed at $54.63, but opened at $94.93. Canaccord Genuity Group currently has a buy rating on the stock. Corcept Therapeutics shares last traded at $99.93, with a volume of 3,955,938 shares trading hands.

CORT has been the topic of several other research reports. Piper Sandler raised their price objective on Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a research note on Thursday, February 27th. Truist Financial lifted their target price on Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a research note on Monday. HC Wainwright upped their target price on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday. Finally, StockNews.com lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $130.00.

Insider Activity at Corcept Therapeutics

In related news, insider Sean Maduck sold 20,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the transaction, the insider now directly owns 85,318 shares in the company, valued at approximately $4,299,174.02. This represents a 18.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joseph K. Belanoff sold 1,974 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $60.83, for a total value of $120,078.42. Following the completion of the sale, the chief executive officer now owns 3,017,437 shares in the company, valued at approximately $183,550,692.71. The trade was a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,022 shares of company stock valued at $2,703,257. Insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in CORT. Synergy Asset Management LLC increased its position in Corcept Therapeutics by 131.3% during the 4th quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company’s stock valued at $22,369,000 after purchasing an additional 262,503 shares during the period. Van ECK Associates Corp acquired a new position in shares of Corcept Therapeutics during the fourth quarter worth $4,483,000. State Street Corp lifted its holdings in shares of Corcept Therapeutics by 0.6% during the 3rd quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock valued at $162,871,000 after purchasing an additional 19,893 shares during the last quarter. Burney Co. raised its stake in Corcept Therapeutics by 9.1% in the fourth quarter. Burney Co. now owns 473,821 shares of the biotechnology company’s stock valued at $23,876,000 after buying an additional 39,657 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Corcept Therapeutics by 43.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 253,070 shares of the biotechnology company’s stock worth $11,712,000 after purchasing an additional 76,573 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Stock Down 19.5 %

The company has a market capitalization of $9.70 billion, a price-to-earnings ratio of 72.96 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The business’s 50 day moving average is $63.69 and its 200 day moving average is $55.67.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.11). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm had revenue of $181.89 million during the quarter, compared to analysts’ expectations of $200.12 million. Sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current 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.