Corcept Therapeutics (NASDAQ:CORT) Given New $99.00 Price Target at Canaccord Genuity Group

Corcept Therapeutics (NASDAQ:CORT) had its price target decreased by research analysts at Canaccord Genuity Group from $140.00 to $99.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price target would suggest a potential upside of 184.48% from the company’s previous close.

A number of other equities analysts have also recently commented on the company. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, December 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Corcept Therapeutics in a research report on Monday. HC Wainwright cut their price target on shares of Corcept Therapeutics from $145.00 to $90.00 and set a “buy” rating on the stock in a report on Friday. Truist Financial set a $50.00 price objective on shares of Corcept Therapeutics in a research note on Wednesday. Finally, Wall Street Zen lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $80.83.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $34.80 on Friday. The company has a quick ratio of 3.07, a current ratio of 3.14 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $3.66 billion, a PE ratio of 39.55 and a beta of 0.24. The firm has a fifty day simple moving average of $77.14 and a two-hundred day simple moving average of $75.01. Corcept Therapeutics has a twelve month low of $32.99 and a twelve month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). Corcept Therapeutics had a net margin of 14.19% and a return on equity of 15.99%. The company had revenue of $207.64 million for the quarter, compared to the consensus estimate of $223.78 million. During the same period last year, the business posted $0.41 earnings per share. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. Research analysts expect that Corcept Therapeutics will post 1.36 EPS for the current year.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $79.53, for a total transaction of $397,650.00. Following the transaction, the insider owned 10,277 shares in the company, valued at approximately $817,329.81. This represents a 32.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $79.77, for a total value of $3,190,800.00. Following the completion of the transaction, the chief executive officer owned 2,701,370 shares of the company’s stock, valued at approximately $215,488,284.90. The trade was a 1.46% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 196,700 shares of company stock valued at $15,474,198. Insiders own 20.80% of the company’s stock.

Institutional Trading of Corcept Therapeutics

A number of hedge funds have recently modified their holdings of CORT. Royal Bank of Canada increased 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 acquiring an additional 2,444 shares in the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in Corcept Therapeutics in the first quarter worth about $204,000. Amundi bought a new position in shares of Corcept Therapeutics during the first quarter valued at approximately $450,000. Advisors Asset Management Inc. increased its stake in shares of Corcept Therapeutics by 16.2% during the first quarter. Advisors Asset Management Inc. now owns 18,698 shares of the biotechnology company’s stock valued at $2,136,000 after purchasing an additional 2,607 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Corcept Therapeutics by 22.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,353 shares of the biotechnology company’s stock valued at $6,437,000 after purchasing an additional 10,320 shares during the last quarter. 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.