Corcept Therapeutics (NASDAQ:CORT) Hits New 52-Week High – Here’s Why

Corcept Therapeutics Incorporated (NASDAQ:CORT) hit a new 52-week high on Tuesday . The stock traded as high as $95.68 and last traded at $95.5090, with a volume of 92458 shares. The stock had previously closed at $91.57.

Analysts Set New Price Targets

CORT has been the subject of a number of analyst reports. Canaccord Genuity Group boosted their price objective on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. HC Wainwright lifted their price target on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Finally, Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $88.83.

Corcept Therapeutics Stock Performance

The firm has a 50-day moving average price of $77.28 and a two-hundred day moving average price of $52.95. The firm has a market cap of $10.15 billion, a price-to-earnings ratio of 270.07 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company had revenue of $164.90 million during the quarter, compared to analysts’ expectations of $185.83 million. During the same quarter in the prior year, the company earned $0.17 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. Research analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Insider Activity

In related news, CFO Atabak Mokari sold 40,000 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.15, for a total value of $3,246,000.00. Following the completion of the sale, the chief financial officer directly owned 16,130 shares of the company’s stock, valued at $1,308,949.50. The trade was a 71.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James N. Wilson sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $83.20, for a total value of $832,000.00. Following the transaction, the director directly owned 1,094,543 shares in the company, valued at approximately $91,065,977.60. The trade was a 0.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 300,000 shares of company stock worth $22,088,050 over the last three months. Company insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Large investors have recently modified their holdings of the company. First Trust Advisors LP grew its stake in shares of 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 purchasing an additional 1,480,059 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Corcept Therapeutics by 546.9% during the third quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock worth $125,264,000 after purchasing an additional 1,274,215 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Corcept Therapeutics by 38.0% during the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock worth $92,892,000 after purchasing an additional 734,646 shares during the period. Norges Bank purchased a new position in Corcept Therapeutics in the 4th quarter valued at $24,213,000. Finally, UBS Group AG increased its stake in Corcept Therapeutics by 413.8% in the 3rd quarter. UBS Group AG now owns 549,938 shares of the biotechnology company’s stock valued at $45,705,000 after buying an additional 442,898 shares during the period. 93.61% of the stock is owned by institutional investors and hedge funds.

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.