Corcept Therapeutics (NASDAQ:CORT) Shares Gap Up on Analyst Upgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT) gapped up prior to trading on Monday after HC Wainwright raised their price target on the stock from $115.00 to $150.00. The stock had previously closed at $54.63, but opened at $94.93. HC Wainwright currently has a buy rating on the stock. Corcept Therapeutics shares last traded at $99.93, with a volume of 3,955,938 shares.

CORT has been the topic of a number of other research reports. StockNews.com lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Canaccord Genuity Group increased their target price on shares of Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Finally, Piper Sandler boosted their price target on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $108.50.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Sean Maduck sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total value of $1,007,800.00. Following the sale, the insider now owns 85,318 shares in the company, valued at $4,299,174.02. This represents a 18.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $50.54, for a total value of $111,188.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,022 shares of company stock valued at $2,703,257. 20.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several large investors have recently modified their holdings of the stock. Synergy Asset Management LLC grew its stake in Corcept Therapeutics by 131.3% in the 4th quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company’s stock valued at $22,369,000 after buying an additional 262,503 shares during the last quarter. Van ECK Associates Corp acquired a new position in shares of Corcept Therapeutics in the fourth quarter valued at approximately $4,483,000. State Street Corp increased its stake in shares of Corcept Therapeutics by 0.6% during the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock worth $162,871,000 after purchasing an additional 19,893 shares during the period. Burney Co. lifted its holdings in Corcept Therapeutics by 9.1% during the 4th quarter. Burney Co. now owns 473,821 shares of the biotechnology company’s stock worth $23,876,000 after purchasing an additional 39,657 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Corcept Therapeutics by 43.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 253,070 shares of the biotechnology company’s stock valued at $11,712,000 after purchasing an additional 76,573 shares during the period. 93.61% of the stock is owned by institutional investors.

Corcept Therapeutics Trading Up 88.0 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The stock has a market capitalization of $10.83 billion, a price-to-earnings ratio of 80.48 and a beta of 0.61. The business has a fifty day simple moving average of $61.89 and a 200 day simple moving average of $54.74.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). The business had revenue of $181.89 million during the quarter, compared to analyst estimates of $200.12 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. As a group, research analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

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.