Corcept Therapeutics (NASDAQ:CORT) Releases Quarterly Earnings Results, Beats Expectations By $0.22 EPS

Corcept Therapeutics (NASDAQ:CORT) issued its earnings results on Tuesday. The biotechnology company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.22, FiscalAI reports. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business had revenue of $340.47 million during the quarter, compared to analysts’ expectations of $336.37 million.

Corcept Therapeutics Trading Up 1.8%

Shares of NASDAQ:CORT traded up $1.47 during midday trading on Tuesday, hitting $81.93. 1,505,988 shares of the stock were exchanged, compared to its average volume of 1,470,356. Corcept Therapeutics has a twelve month low of $28.66 and a twelve month high of $126.38. The company has a 50 day moving average price of $111.14 and a 200-day moving average price of $74.84. The stock has a market cap of $8.86 billion, a P/E ratio of 195.08 and a beta of 0.40.

Insider Buying and Selling

In other news, Director James Wilson sold 10,000 shares of the company’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $114.81, for a total value of $1,148,100.00. Following the sale, the director directly owned 1,054,543 shares in the company, valued at $121,072,081.83. This represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Roberto Vieira sold 8,333 shares of the business’s stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $116.10, for a total value of $967,461.30. Following the completion of the transaction, the insider owned 3,946 shares of the company’s stock, valued at $458,130.60. This trade represents a 67.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 349,203 shares of company stock worth $40,686,076 in the last quarter. Corporate insiders own 20.70% of the company’s stock.

Analyst Ratings Changes

CORT has been the topic of a number of research reports. Wolfe Research lowered Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price target on the stock. in a report on Monday, July 27th. Truist Financial began coverage on Corcept Therapeutics in a research note on Tuesday, August 18th. They set a “buy” rating and a $164.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $165.00 price objective on shares of Corcept Therapeutics in a research report on Friday, September 18th. Weiss Ratings upgraded shares of Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, September 24th. Finally, Piper Sandler reiterated an “overweight” rating and set a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.17.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated (NASDAQ:CORT) is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept’s primary marketed 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.