Corcept Therapeutics Incorporated (NASDAQ:CORT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Corcept Therapeutics Incorporated (NASDAQ:CORT) has earned an average recommendation of “Moderate Buy” from the eight brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $138.1667.

CORT has been the subject of several research reports. Truist Financial began coverage on shares of Corcept Therapeutics in a report on Tuesday, August 18th. They issued a “buy” rating and a $164.00 target price for the company. UBS Group set a $135.00 price target on Corcept Therapeutics in a research note on Thursday, May 28th. Wolfe Research lowered Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price target for the company. in a research report on Monday, July 27th. Canaccord Genuity Group lifted their price objective on Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Roberto Vieira sold 58,333 shares of Corcept Therapeutics stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $110.76, for a total value of $6,460,963.08. Following the completion of the transaction, the insider directly owned 4,242 shares of the company’s stock, valued at $469,843.92. The trade was a 93.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kimberly Park sold 26,685 shares of the business’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total transaction of $3,270,246.75. Following the sale, the director owned 30,000 shares in the company, valued at $3,676,500. This trade represents a 47.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 446,415 shares of company stock worth $50,674,595 over the last ninety days. Company insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Alberta Investment Management Corp purchased a new position in Corcept Therapeutics in the second quarter valued at $9,843,000. BlackRock Inc. acquired a new stake in Corcept Therapeutics in the 2nd quarter valued at about $1,080,964,000. NewEdge Wealth LLC purchased a new position in shares of Corcept Therapeutics in the 2nd quarter valued at about $3,034,000. Avidity Partners Management LP purchased a new position in shares of Corcept Therapeutics in the 4th quarter valued at about $766,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Corcept Therapeutics during the fourth quarter worth about $8,757,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Trading Up 3.3%

Shares of CORT opened at $117.50 on Friday. The company’s 50-day moving average price is $109.65 and its 200 day moving average price is $76.61. Corcept Therapeutics has a 12-month low of $28.66 and a 12-month high of $126.38. The firm has a market cap of $12.70 billion, a P/E ratio of 279.77 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business had revenue of $256.15 million during the quarter, compared to analysts’ expectations of $221.15 million. During the same period last year, the business earned $0.29 earnings per share. The business’s revenue for the quarter was up 31.7% on a year-over-year basis. Equities research analysts forecast that Corcept Therapeutics will post 1.86 earnings per share for the current year.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering and developing medicines that modulate the effects of the stress hormone cortisol. The company’s research centers on the glucocorticoid receptor, which regulates cortisol activity and may play a role in metabolic, psychiatric, oncologic and other serious diseases.

Corcept’s commercial product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.