Corcept Therapeutics Incorporated (NASDAQ:CORT) Receives $70.83 Average Price Target from Brokerages

Corcept Therapeutics Incorporated (NASDAQ:CORT) has been assigned an average rating of “Moderate Buy” from the eight ratings firms that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $70.8333.

Several equities analysts recently weighed in on the stock. Canaccord Genuity Group lifted their target price on shares of Corcept Therapeutics from $100.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Piper Sandler lifted their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, May 1st. UBS Group upgraded shares of Corcept Therapeutics from a “neutral” rating to a “buy” rating and lifted their target price for the company from $44.00 to $72.00 in a report on Wednesday, May 13th. Finally, Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th.

Insiders Place Their Bets

In other news, Director G Leonard Baker, Jr. acquired 100,000 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were purchased at an average price of $33.14 per share, for a total transaction of $3,314,000.00. Following the acquisition, the director directly owned 1,146,631 shares of the company’s stock, valued at $37,999,351.34. This represents a 9.55% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 26,198 shares of the business’s stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the completion of the transaction, the chief executive officer owned 2,918,326 shares in the company, valued at $146,120,582.82. This represents a 0.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 86,198 shares of company stock worth $3,887,769 in the last quarter. 20.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corcept Therapeutics

A number of institutional investors have recently added to or reduced their stakes in CORT. Torren Management LLC acquired a new position in Corcept Therapeutics in the 4th quarter worth $25,000. Advisory Services Network LLC acquired a new position in Corcept Therapeutics in the 3rd quarter worth $25,000. Clearstead Advisors LLC lifted its holdings in Corcept Therapeutics by 163.6% in the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock worth $26,000 after buying an additional 193 shares in the last quarter. Atlas Capital Advisors Inc. acquired a new position in Corcept Therapeutics in the 4th quarter worth $31,000. Finally, State of Wyoming lifted its holdings in Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after buying an additional 186 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Trading Up 1.4%

NASDAQ:CORT opened at $59.06 on Friday. The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of 168.75 and a beta of 0.36. The firm’s fifty day simple moving average is $43.74 and its 200 day simple moving average is $52.65. Corcept Therapeutics has a twelve month low of $28.66 and a twelve month high of $91.00.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results 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 business had revenue of $164.90 million for the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.17 EPS. On average, analysts predict that Corcept Therapeutics will post 0.48 earnings per share for the current year.

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.