Corcept Therapeutics (NASDAQ:CORT) Price Target Raised to $67.00

Corcept Therapeutics (NASDAQ:CORT) had its target price upped by equities research analysts at Piper Sandler from $38.00 to $67.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s price objective would suggest a potential upside of 59.90% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Truist Financial restated a “buy” rating and issued a $65.00 price target on shares of Corcept Therapeutics in a research note on Monday, June 17th. HC Wainwright raised their price target on shares of Corcept Therapeutics from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $38.00 price target on shares of Corcept Therapeutics in a research note on Tuesday, July 30th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Corcept Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $53.75.

Corcept Therapeutics Stock Performance

Shares of CORT stock traded up $2.19 during trading hours on Wednesday, hitting $41.90. 924,852 shares of the company were exchanged, compared to its average volume of 1,202,391. Corcept Therapeutics has a one year low of $20.84 and a one year high of $43.32. The business’s 50-day simple moving average is $34.74 and its two-hundred day simple moving average is $29.70. The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of 39.42 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 (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter last year, the company posted $0.25 earnings per share. Corcept Therapeutics’s revenue was up 39.1% on a year-over-year basis. As a group, analysts anticipate that Corcept Therapeutics will post 1.1 EPS for the current fiscal year.

Insider Activity at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $32.49, for a total transaction of $162,450.00. Following the transaction, the insider now owns 9,290 shares in the company, valued at $301,832.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider William Guyer sold 10,000 shares of the firm’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 transaction, the insider now owns 6,039 shares in the company, valued at $213,176.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $32.49, for a total transaction of $162,450.00. Following the transaction, the insider now owns 9,290 shares in the company, valued at approximately $301,832.10. The disclosure for this sale can be found here. Insiders have sold 30,451 shares of company stock worth $1,090,844 over the last quarter. 20.50% of the stock is currently owned by company insiders.

Institutional Trading of Corcept Therapeutics

A number of large investors have recently added to or reduced their stakes in CORT. Charles Schwab Investment Management Inc. boosted its holdings in Corcept Therapeutics by 4.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 900,444 shares of the biotechnology company’s stock worth $29,246,000 after buying an additional 39,111 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in Corcept Therapeutics during the fourth quarter worth approximately $228,000. Quadrant Capital Group LLC boosted its stake in Corcept Therapeutics by 27.0% in the 4th quarter. Quadrant Capital Group LLC now owns 2,107 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 448 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in Corcept Therapeutics by 38.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 28,230 shares of the biotechnology company’s stock worth $917,000 after purchasing an additional 7,768 shares during the period. Finally, Norges Bank acquired a new position in Corcept Therapeutics in the 4th quarter worth approximately $24,603,000. 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.