HC Wainwright Raises Corcept Therapeutics (NASDAQ:CORT) Price Target to $95.00

Corcept Therapeutics (NASDAQ:CORT) had its target price raised by equities researchers at HC Wainwright from $75.00 to $95.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price objective suggests a potential upside of 42.54% from the company’s current price.

CORT has been the subject of a number of other research reports. Canaccord Genuity Group lifted their price objective on Corcept Therapeutics from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, March 26th. Wolfe Research raised Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research report on Thursday, March 26th. Piper Sandler lifted their price objective on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. UBS Group raised Corcept Therapeutics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $44.00 to $72.00 in a research report on Wednesday, May 13th. Finally, Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.17.

Corcept Therapeutics Stock Up 10.4%

NASDAQ CORT opened at $66.65 on Thursday. Corcept Therapeutics has a fifty-two week low of $28.66 and a fifty-two week high of $91.00. The stock has a market cap of $7.15 billion, a price-to-earnings ratio of 190.43 and a beta of 0.36. The business has a fifty day moving average of $46.60 and a 200-day moving average of $52.22.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The company had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. During the same period last year, the firm earned $0.17 earnings per share. The business’s revenue was up 4.9% compared to the same quarter last year. As a group, analysts anticipate that Corcept Therapeutics will post 0.52 EPS for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $51.83, for a total transaction of $1,036,600.00. Following the completion of the sale, the insider owned 2,231 shares of the company’s stock, valued at approximately $115,632.73. The trade was a 89.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director G Leonard Baker, Jr. bought 100,000 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was bought at an average cost of $33.14 per share, with a total value of $3,314,000.00. Following the transaction, the director directly owned 1,146,631 shares of the company’s stock, valued at approximately $37,999,351.34. This trade represents a 9.55% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders sold 86,198 shares of company stock valued at $3,887,769. Company insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of CORT. JPMorgan Chase & Co. lifted its stake in shares of Corcept Therapeutics by 223.4% in the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock worth $70,632,000 after acquiring an additional 587,053 shares in the last quarter. Brown Capital Management LLC acquired a new position in shares of Corcept Therapeutics in the third quarter worth about $19,950,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Corcept Therapeutics by 111.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company’s stock worth $19,404,000 after acquiring an additional 268,155 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Corcept Therapeutics by 34.1% in the third quarter. First Trust Advisors LP now owns 720,224 shares of the biotechnology company’s stock worth $59,858,000 after acquiring an additional 183,038 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in shares of Corcept Therapeutics by 13.7% in the third quarter. Public Sector Pension Investment Board now owns 365,838 shares of the biotechnology company’s stock worth $30,405,000 after acquiring an additional 44,070 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

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.