Corcept Therapeutics (NASDAQ:CORT) Upgraded by StockNews.com to “Strong-Buy” Rating

Corcept Therapeutics (NASDAQ:CORT) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Thursday.

Several other equities research analysts also recently weighed in on CORT. Canaccord Genuity Group restated a “buy” rating and set a $38.00 price target on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Sandler O’Neill restated a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Piper Sandler raised their target price on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Truist Financial lifted their price target on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Finally, HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Corcept Therapeutics in a research report on Thursday. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Price Performance

Shares of CORT stock traded up $2.08 during trading on Thursday, reaching $48.97. The company’s stock had a trading volume of 2,709,627 shares, compared to its average volume of 1,188,019. Corcept Therapeutics has a 1-year low of $20.84 and a 1-year high of $50.07. The stock’s 50-day moving average price is $41.85 and its 200 day moving average price is $34.29. The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of 46.20 and a beta of 0.46.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.27 by $0.14. The business had revenue of $182.55 million during the quarter, compared to the consensus estimate of $171.97 million. Corcept Therapeutics had a net margin of 21.93% and a return on equity of 23.66%. The company’s quarterly revenue was up 47.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.28 earnings per share. On average, sell-side analysts anticipate that Corcept Therapeutics will post 1.12 EPS for the current fiscal year.

Insider Activity

In other Corcept Therapeutics news, insider William Guyer sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the transaction, the insider now directly owns 6,039 shares in the company, valued at $213,176.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider William Guyer sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the completion of the sale, the insider now directly owns 6,039 shares of the company’s stock, valued at $213,176.70. The trade was a 0.00 % 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, insider Gary Charles Robb sold 11,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total value of $509,080.00. Following the transaction, the insider now directly owns 22,772 shares in the company, valued at approximately $1,053,888.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,101 shares of company stock worth $972,817. 20.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. purchased a new position in shares of Corcept Therapeutics during the first quarter worth approximately $18,426,000. Jupiter Asset Management Ltd. boosted its stake in Corcept Therapeutics by 1,149.0% during the 1st quarter. Jupiter Asset Management Ltd. now owns 744,469 shares of the biotechnology company’s stock worth $18,753,000 after purchasing an additional 684,863 shares during the period. Clearbridge Investments LLC purchased a new position in Corcept Therapeutics during the 1st quarter worth $14,670,000. M&G PLC acquired a new position in Corcept Therapeutics in the third quarter valued at $11,173,000. Finally, Janus Henderson Group PLC increased its stake in Corcept Therapeutics by 482.6% in the first quarter. Janus Henderson Group PLC now owns 265,049 shares of the biotechnology company’s stock valued at $6,677,000 after purchasing an additional 219,551 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

About Corcept Therapeutics

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.