Analysts Set Corcept Therapeutics Incorporated (NASDAQ:CORT) PT at $88.83

Corcept Therapeutics Incorporated (NASDAQ:CORT) has been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $88.8333.

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Wolfe Research upgraded Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Finally, Piper Sandler lifted their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st.

Corcept Therapeutics Stock Performance

Shares of NASDAQ:CORT opened at $94.04 on Friday. The stock has a market capitalization of $10.10 billion, a price-to-earnings ratio of 268.69 and a beta of 0.47. The stock’s 50-day simple moving average is $69.85 and its two-hundred day simple moving average is $52.36. Corcept Therapeutics has a 52-week low of $28.66 and a 52-week high of $94.77.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business had revenue of $164.90 million for the quarter, compared to analysts’ expectations of $185.83 million. During the same period in the previous year, the company earned $0.17 EPS. Corcept Therapeutics’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities analysts forecast that Corcept Therapeutics will post 0.53 earnings per share for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In related news, Director James N. Wilson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total value of $832,000.00. Following the completion of the sale, the director directly owned 1,094,543 shares of the company’s stock, valued at approximately $91,065,977.60. This represents a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David L. Mahoney sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the sale, the director owned 26,147 shares in the company, valued at approximately $2,210,205.91. The trade was a 43.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 280,000 shares of company stock valued at $20,225,450. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

Hedge funds have recently modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Corcept Therapeutics by 54.0% during the 2nd quarter. GAMMA Investing LLC now owns 4,640 shares of the biotechnology company’s stock valued at $403,000 after purchasing an additional 1,627 shares during the period. Pacer Advisors Inc. increased its stake in Corcept Therapeutics by 56.8% in the 1st quarter. Pacer Advisors Inc. now owns 3,184 shares of the biotechnology company’s stock worth $128,000 after buying an additional 1,154 shares in the last quarter. FAS Wealth Partners Inc. raised its holdings in Corcept Therapeutics by 4.0% during the first quarter. FAS Wealth Partners Inc. now owns 322,370 shares of the biotechnology company’s stock valued at $12,995,000 after acquiring an additional 12,352 shares during the period. Parallel Advisors LLC raised its holdings in Corcept Therapeutics by 2.5% during the first quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock valued at $160,329,000 after acquiring an additional 96,763 shares during the period. Finally, NewEdge Advisors LLC lifted its position in shares of Corcept Therapeutics by 727.2% in the first quarter. NewEdge Advisors LLC now owns 9,364 shares of the biotechnology company’s stock valued at $377,000 after acquiring an additional 8,232 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors.

About Corcept Therapeutics

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.