Corcept Therapeutics (NASDAQ:CORT) Announces Earnings Results

Corcept Therapeutics (NASDAQ:CORT) posted its quarterly earnings data on Monday. The biotechnology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.09, Briefing.com reports. Corcept Therapeutics had a net margin of 22.38% and a return on equity of 24.19%. The company had revenue of $163.80 million during the quarter, compared to analyst estimates of $155.14 million. During the same quarter last year, the firm posted $0.25 EPS. The business’s revenue for the quarter was up 39.1% on a year-over-year basis. Corcept Therapeutics updated its FY 2024 guidance to EPS.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded down $1.67 during trading hours on Tuesday, hitting $34.86. The stock had a trading volume of 1,039,038 shares, compared to its average volume of 1,309,531. The company has a market capitalization of $3.63 billion, a P/E ratio of 32.89 and a beta of 0.44. The firm’s 50-day moving average price is $31.50 and its two-hundred day moving average price is $26.61. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $38.98.

Wall Street Analyst Weigh In

CORT has been the topic of several recent research reports. Piper Sandler lifted their price target on shares of Corcept Therapeutics from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Tuesday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $38.00 target price on shares of Corcept Therapeutics in a research report on Tuesday. HC Wainwright increased their price target on Corcept Therapeutics from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday. StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Friday, May 3rd. Finally, Truist Financial restated a “buy” rating and issued a $65.00 price target on shares of Corcept Therapeutics in a research report on Monday, June 17th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $46.70.

Insider Buying and Selling at Corcept Therapeutics

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $32.81, for a total transaction of $72,182.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $32.81, for a total transaction of $72,182.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Joseph Douglas Lyon sold 5,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $32.49, for a total transaction of $162,450.00. Following the completion of the sale, the insider now owns 9,290 shares of the company’s stock, valued at $301,832.10. The disclosure for this sale can be found here. Insiders sold 93,457 shares of company stock worth $2,655,766 over the last ninety days. 20.50% of the stock is currently owned by insiders.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.