Corcept Therapeutics Incorporated (NASDAQ:CORT) Given Average Rating of “Moderate Buy” by Brokerages

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

A number of analysts have weighed in on CORT shares. Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research note on Thursday, May 28th. Piper Sandler upped 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. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Finally, HC Wainwright increased their price target on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd.

Insider Activity

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $70.60, for a total transaction of $1,412,000.00. Following the transaction, the insider directly owned 3,985 shares in the company, valued at approximately $281,341. This represents a 83.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director G Leonard Baker, Jr. purchased 100,000 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were acquired at an average price of $33.14 per share, for a total transaction of $3,314,000.00. Following the completion of the acquisition, the director directly owned 1,146,631 shares in the company, valued at approximately $37,999,351.34. This represents a 9.55% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders sold 242,965 shares of company stock worth $14,802,964. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC boosted its holdings in shares of Corcept Therapeutics by 2.5% during the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock worth $160,329,000 after buying an additional 96,763 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Corcept Therapeutics by 727.2% during the first quarter. NewEdge Advisors LLC now owns 9,364 shares of the biotechnology company’s stock worth $377,000 after purchasing an additional 8,232 shares during the period. Perceptive Advisors LLC acquired a new position in shares of Corcept Therapeutics during the first quarter worth approximately $2,016,000. Avidity Partners Management LP raised its position in shares of Corcept Therapeutics by 36.4% during the first quarter. Avidity Partners Management LP now owns 30,000 shares of the biotechnology company’s stock worth $1,209,000 after purchasing an additional 8,000 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Corcept Therapeutics by 33.6% during the first quarter. Bank of America Corp DE now owns 111,736 shares of the biotechnology company’s stock worth $4,504,000 after purchasing an additional 28,078 shares during the period. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $77.49 on Wednesday. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 221.41 and a beta of 0.50. Corcept Therapeutics has a 52-week low of $28.66 and a 52-week high of $91.00. The firm has a 50 day moving average price of $53.22 and a two-hundred day moving average price of $51.98.

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

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.