Corcept Therapeutics (NASDAQ:CORT) Shares Up 6% – Time to Buy?

Corcept Therapeutics Incorporated (NASDAQ:CORT) traded up 6% during mid-day trading on Thursday . The stock traded as high as $96.55 and last traded at $96.3520. 341,384 shares traded hands during trading, a decline of 79% from the average daily volume of 1,589,304 shares. The stock had previously closed at $90.88.

Analysts Set New Price Targets

Several brokerages recently weighed in on CORT. Canaccord Genuity Group increased their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. HC Wainwright increased their target price on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $88.83.

Corcept Therapeutics Stock Performance

The firm has a market capitalization of $10.30 billion, a PE ratio of 274.64 and a beta of 0.47. The firm has a fifty day moving average of $78.85 and a 200 day moving average of $53.77.

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 return on equity of 7.40% and a net margin of 6.14%.The company had revenue of $164.90 million for the quarter, compared to analyst estimates of $185.83 million. During the same period last year, the firm posted $0.17 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. Research analysts forecast that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Corcept Therapeutics news, CFO Atabak Mokari sold 40,000 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.15, for a total value of $3,246,000.00. Following the transaction, the chief financial officer owned 16,130 shares in the company, valued at $1,308,949.50. The trade was a 71.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider William Guyer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $93.13, for a total transaction of $1,862,600.00. Following the completion of the transaction, the insider directly owned 3,985 shares of the company’s stock, valued at approximately $371,123.05. The trade was a 83.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 300,000 shares of company stock valued at $22,088,050. Corporate insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its position in shares of Corcept Therapeutics by 111.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company’s stock worth $19,404,000 after buying an additional 268,155 shares during the last quarter. Avidity Partners Management LP bought a new stake in shares of Corcept Therapeutics during the 4th quarter valued at about $766,000. Norges Bank bought a new stake in shares of Corcept Therapeutics during the 4th quarter valued at about $24,213,000. Jefferies Financial Group Inc. acquired a new stake in Corcept Therapeutics during the fourth quarter worth about $2,021,000. Finally, BOKF NA acquired a new stake in Corcept Therapeutics during the fourth quarter worth about $1,061,000. Hedge funds and other institutional investors own 93.61% of the company’s stock.

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.