Corcept Therapeutics (NASDAQ:CORT) Stock Price Up 4.6% on Analyst Upgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT) was up 4.6% on Wednesday after Piper Sandler raised their price target on the stock from $38.00 to $67.00. Piper Sandler currently has an overweight rating on the stock. Corcept Therapeutics traded as high as $41.98 and last traded at $41.52. Approximately 71,378 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 1,197,650 shares. The stock had previously closed at $39.71.

A number of other equities analysts also recently commented on CORT. HC Wainwright boosted their price objective on Corcept Therapeutics from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Truist Financial reissued a “buy” rating and set a $65.00 price objective on shares of Corcept Therapeutics in a research report on Monday, June 17th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $38.00 price target on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $53.75.

Insider Activity at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $32.49, for a total value of $162,450.00. Following the completion of the transaction, the insider now directly owns 9,290 shares of the company’s stock, valued at $301,832.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $32.49, for a total value of $162,450.00. Following the completion of the sale, the insider now owns 9,290 shares in the company, valued at $301,832.10. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, 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 value of $353,000.00. Following the completion of the sale, the insider now owns 6,039 shares of the company’s stock, valued at approximately $213,176.70. The disclosure for this sale can be found here. Insiders sold 30,451 shares of company stock valued at $1,090,844 over the last three months. 20.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Several large investors have recently modified their holdings of CORT. Norden Group LLC purchased a new stake in shares of Corcept Therapeutics during the first quarter worth approximately $50,081,000. Norges Bank purchased a new stake in shares of Corcept Therapeutics during the fourth quarter worth approximately $24,603,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Corcept Therapeutics during the first quarter worth approximately $18,426,000. Jupiter Asset Management Ltd. raised its stake in shares of Corcept Therapeutics by 1,149.0% during 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 last quarter. Finally, Clearbridge Investments LLC purchased a new stake in shares of Corcept Therapeutics during the first quarter worth approximately $14,670,000. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Stock Down 3.2 %

The stock has a fifty day moving average of $35.16 and a two-hundred day moving average of $29.86. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of 38.60 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Monday, July 29th. The biotechnology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.09. The company had revenue of $163.80 million for the quarter, compared to analyst estimates of $155.14 million. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. Corcept Therapeutics’s revenue was up 39.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.25 earnings per share. On average, research analysts expect that Corcept Therapeutics Incorporated will post 1.1 EPS for the current year.

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.