Corcept Therapeutics (NASDAQ:CORT) Shares Up 10.4% – Should You Buy?

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares shot up 10.4% during trading on Wednesday . The stock traded as high as $56.46 and last traded at $56.4780. 804,205 shares were traded during mid-day trading, a decline of 56% from the average session volume of 1,847,772 shares. The stock had previously closed at $51.16.

Analyst Ratings Changes

Several brokerages have recently commented on CORT. HC Wainwright lifted their target price on Corcept Therapeutics from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Wolfe Research upgraded Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research report on Thursday, March 26th. Canaccord Genuity Group lifted their target price on Corcept Therapeutics from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. UBS Group upgraded Corcept Therapeutics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $44.00 to $72.00 in a research report on Wednesday. Finally, Piper Sandler boosted their price objective on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Corcept Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $70.83.

Corcept Therapeutics Trading Down 3.3%

The firm has a market cap of $6.05 billion, a price-to-earnings ratio of 161.06 and a beta of 0.36. The stock has a 50-day moving average of $41.92 and a 200-day moving average of $53.07.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.17 EPS. As a group, research analysts expect that Corcept Therapeutics Incorporated will post 0.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, Director G Leonard Baker, Jr. bought 100,000 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were purchased at an average price of $33.14 per share, with a total value of $3,314,000.00. Following the purchase, the director directly owned 1,146,631 shares of the company’s stock, valued at approximately $37,999,351.34. The trade was a 9.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Joseph K. Belanoff sold 26,198 shares of Corcept Therapeutics stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $50.07, for a total value of $1,311,733.86. Following the sale, the chief executive officer directly owned 2,918,326 shares in the company, valued at $146,120,582.82. The trade was a 0.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 86,198 shares of company stock valued at $3,887,769 in the last quarter. Corporate insiders own 20.70% of the company’s stock.

Institutional Trading of Corcept Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of CORT. Royal Bank of Canada raised its stake in shares of Corcept Therapeutics by 18.9% in the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock worth $1,757,000 after buying an additional 2,444 shares in the last quarter. Amundi bought a new stake in shares of Corcept Therapeutics in the 1st quarter worth $450,000. NewEdge Advisors LLC bought a new stake in shares of Corcept Therapeutics in the 1st quarter worth $518,000. EverSource Wealth Advisors LLC raised its stake in shares of Corcept Therapeutics by 273.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock worth $106,000 after buying an additional 1,055 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Corcept Therapeutics by 795.3% in the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock worth $3,391,000 after buying an additional 41,040 shares in the last quarter. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.