Piper Sandler Raises Corcept Therapeutics (NASDAQ:CORT) Price Target to $78.00

Corcept Therapeutics (NASDAQ:CORT) had its price objective hoisted by Piper Sandler from $67.00 to $78.00 in a research report released on Thursday,Benzinga reports. Piper Sandler currently has an overweight rating on the biotechnology company’s stock.

Other research analysts also recently issued reports about the company. Canaccord Genuity Group increased their price objective on Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. HC Wainwright restated a “buy” rating and issued a $115.00 price target on shares of Corcept Therapeutics in a research note on Thursday. Finally, StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $99.75.

Corcept Therapeutics Stock Up 1.2 %

NASDAQ:CORT opened at $60.58 on Thursday. 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 company has a market cap of $6.35 billion, a PE ratio of 48.08 and a beta of 0.58. Corcept Therapeutics has a 52-week low of $20.84 and a 52-week high of $75.00. The stock has a 50-day simple moving average of $59.96 and a 200 day simple moving average of $51.40.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). The firm had revenue of $181.89 million for the quarter, compared to the consensus estimate of $200.12 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. On average, sell-side analysts expect that Corcept Therapeutics will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider Sean Maduck sold 20,000 shares of the firm’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 completion of the sale, the insider now directly owns 85,318 shares of the company’s stock, valued at $4,299,174.02. This trade represents a 18.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 Monday, February 10th. The shares were sold at an average price of $68.08, for a total value of $149,776.00. The disclosure for this sale can be found here. Insiders sold a total of 26,600 shares of company stock worth $1,399,576 over the last ninety days. 20.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Corcept Therapeutics

A number of hedge funds have recently made changes to their positions in CORT. Norges Bank acquired a new stake in shares of Corcept Therapeutics in the fourth quarter valued at approximately $42,055,000. Jacobs Levy Equity Management Inc. lifted its holdings in Corcept Therapeutics by 40.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,223,781 shares of the biotechnology company’s stock worth $56,637,000 after purchasing an additional 352,947 shares during the last quarter. Braun Stacey Associates Inc. acquired a new stake in Corcept Therapeutics during the 4th quarter worth approximately $14,935,000. FMR LLC lifted its holdings in Corcept Therapeutics by 24.6% during the 3rd quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock worth $63,122,000 after purchasing an additional 269,074 shares during the last quarter. Finally, Synergy Asset Management LLC lifted its holdings in Corcept Therapeutics by 131.3% during the 4th quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company’s stock worth $22,369,000 after purchasing an additional 262,503 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

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.