Corcept Therapeutics (NASDAQ:CORT) Shares Up 5% – Here’s What Happened

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s stock price traded up 5% on Monday. The stock traded as high as $91.12 and last traded at $90.1290. Approximately 164,303 shares traded hands during trading, a decline of 89% from the average session volume of 1,468,964 shares. The stock had previously closed at $85.86.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CORT. Wall Street Zen raised Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 1st. Zacks Research upgraded Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Monday, September 28th. Wolfe Research lowered Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price target for the company. in a report on Monday, July 27th. Piper Sandler reissued an “overweight” rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. Finally, Canaccord Genuity Group raised their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $138.17.

Corcept Therapeutics Trading Up 1.7%

The firm’s fifty day moving average price is $115.15 and its 200-day moving average price is $89.36. The company has a market cap of $9.44 billion, a P/E ratio of 206.83 and a beta of 0.40.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business had revenue of $256.15 million during the quarter, compared to analysts’ expectations of $221.15 million. During the same quarter last year, the company earned $0.29 earnings per share. The firm’s revenue was up 31.7% on a year-over-year basis. As a group, research analysts forecast that Corcept Therapeutics Incorporated will post 1.83 earnings per share for the current fiscal year.

Insider Activity

In other Corcept Therapeutics news, Director David Mahoney sold 103,606 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total value of $12,251,409.50. Following the completion of the transaction, the director owned 1,133,539 shares of the company’s stock, valued at $134,040,986.75. This represents a 8.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Atabak Mokari sold 80,000 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $114.71, for a total value of $9,176,800.00. Following the completion of the transaction, the chief financial officer directly owned 16,130 shares of the company’s stock, valued at approximately $1,850,272.30. This trade represents a 83.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 454,748 shares of company stock valued at $52,786,210. Corporate insiders own 20.70% of the company’s stock.

Institutional Trading of Corcept Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of CORT. BlackRock Inc. bought a new position in Corcept Therapeutics in the second quarter worth $1,080,964,000. Parallel Advisors LLC increased its holdings in Corcept Therapeutics by 2.5% in the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock valued at $160,329,000 after buying an additional 96,763 shares during the period. First Trust Advisors LP increased its holdings in Corcept Therapeutics by 213.5% in the 1st quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock valued at $87,609,000 after buying an additional 1,480,059 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Corcept Therapeutics in the 2nd quarter valued at $49,185,000. Finally, Principal Financial Group Inc. raised its stake in shares of Corcept Therapeutics by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 455,248 shares of the biotechnology company’s stock valued at $18,351,000 after buying an additional 11,156 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated (NASDAQ:CORT) is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept’s primary marketed product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.