Canaccord Genuity Group Increases Corcept Therapeutics (NASDAQ:CORT) Price Target to $142.00

Corcept Therapeutics (NASDAQ:CORT) had its price objective hoisted by analysts at Canaccord Genuity Group from $130.00 to $142.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price target points to a potential upside of 69.43% from the company’s previous close.

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

Corcept Therapeutics Stock Performance

NASDAQ CORT opened at $83.81 on Tuesday. The company has a 50-day simple moving average of $64.18 and a two-hundred day simple moving average of $55.87. Corcept Therapeutics has a 12-month low of $20.84 and a 12-month high of $117.33. The firm has a market cap of $8.84 billion, a price-to-earnings ratio of 66.52 and a beta of 0.14. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). The company had revenue of $181.89 million for the quarter, compared to analysts’ expectations of $200.12 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. On average, equities analysts forecast that Corcept Therapeutics will post 1.36 EPS for the current year.

Insider Activity

In other news, insider Sean Maduck sold 100,000 shares of the company’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $100.54, for a total value of $10,054,000.00. Following the sale, the insider now directly owns 85,622 shares of the company’s stock, valued at $8,608,435.88. This represents a 53.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.54, for a total transaction of $111,188.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 163,124 shares of company stock valued at $15,074,318. Corporate insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Corcept Therapeutics by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 10,115,624 shares of the biotechnology company’s stock valued at $509,726,000 after buying an additional 109,294 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Corcept Therapeutics by 0.4% in the 4th quarter. Parallel Advisors LLC now owns 3,829,632 shares of the biotechnology company’s stock worth $192,975,000 after purchasing an additional 15,908 shares in the last quarter. State Street Corp raised its stake in shares of Corcept Therapeutics by 0.6% in the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock worth $162,871,000 after purchasing an additional 19,893 shares during the last quarter. Geode Capital Management LLC raised its position in Corcept Therapeutics by 4.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock worth $110,108,000 after buying an additional 99,470 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Corcept Therapeutics by 4.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,644,942 shares of the biotechnology company’s stock valued at $82,889,000 after purchasing an additional 64,321 shares during the last quarter. 93.61% of the stock is currently 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.