Corcept Therapeutics Incorporated (NASDAQ:CORT) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) have received an average rating of “Moderate Buy” from the eight research firms that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $88.8333.

A number of brokerages have weighed in on CORT. Piper Sandler raised their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Wolfe Research upgraded Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. Canaccord Genuity Group raised their price objective on Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Finally, Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th.

Corcept Therapeutics Trading Up 5.7%

Shares of NASDAQ CORT opened at $77.49 on Wednesday. The company 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 12 month low of $28.66 and a 12 month high of $91.00. The stock 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 results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The company had revenue of $164.90 million during 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 company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.17 earnings per share. On average, sell-side analysts predict that Corcept Therapeutics will post 0.53 earnings per share for the current year.

Insider Activity

In related news, CEO Joseph K. Belanoff sold 26,198 shares of the firm’s stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $50.07, for a total value 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 trade represents a 0.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $65.00, for a total transaction of $325,000.00. Following the sale, the insider owned 6,230 shares in the company, valued at approximately $404,950. This represents a 44.52% 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 242,965 shares of company stock valued at $14,802,964. 20.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several large investors have recently modified their holdings of the business. Pathstone Holdings LLC grew its stake in shares of Corcept Therapeutics by 0.8% in the third quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company’s stock worth $1,497,000 after purchasing an additional 144 shares during the last quarter. State of Wyoming raised its position in Corcept Therapeutics by 29.5% during the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 186 shares during the last quarter. Clearstead Advisors LLC lifted its holdings in Corcept Therapeutics by 163.6% during 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 during the period. Gould Capital LLC lifted its holdings in Corcept Therapeutics by 50.0% during the 3rd quarter. Gould Capital LLC now owns 600 shares of the biotechnology company’s stock worth $50,000 after buying an additional 200 shares during the period. Finally, Sequoia Financial Advisors LLC grew its position in shares of Corcept Therapeutics by 3.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company’s stock valued at $240,000 after buying an additional 247 shares during the last quarter. Institutional investors own 93.61% of the company’s stock.

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.