Piper Sandler Reaffirms Overweight Rating for Corcept Therapeutics (NASDAQ:CORT)

Corcept Therapeutics (NASDAQ:CORT)‘s stock had its “overweight” rating reiterated by research analysts at Piper Sandler in a note issued to investors on Wednesday, Benzinga reports. They presently have a $173.00 price target on the biotechnology company’s stock, up from their prior price target of $165.00. Piper Sandler‘s target price indicates a potential upside of 118.35% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings upgraded Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. Canaccord Genuity Group raised their price target on Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Wolfe Research lowered Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price objective for the company. in a research report on Monday, July 27th. HC Wainwright reissued a “buy” rating and set a $165.00 price objective on shares of Corcept Therapeutics in a report on Friday, September 18th. Finally, Zacks Research downgraded shares of Corcept Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 27th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Corcept Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $139.50.

Corcept Therapeutics Price Performance

Shares of CORT stock traded down $2.70 during trading hours on Wednesday, reaching $79.23. 1,113,619 shares of the company were exchanged, compared to its average volume of 1,470,422. Corcept Therapeutics has a fifty-two week low of $28.66 and a fifty-two week high of $126.38. The stock’s fifty day moving average is $110.31 and its two-hundred day moving average is $75.06. The company has a market cap of $8.56 billion, a price-to-earnings ratio of 188.79 and a beta of 0.54.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Tuesday, November 3rd. The biotechnology company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.22. 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 analyst estimates of $336.37 million. During the same quarter last year, the business posted $0.16 earnings per share. Corcept Therapeutics’s revenue for the quarter was up 64.0% compared to the same quarter last year. On average, research analysts anticipate that Corcept Therapeutics will post 1.83 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Kimberly Park sold 26,685 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total value of $3,270,246.75. Following the transaction, the director owned 30,000 shares of the company’s stock, valued at $3,676,500. This represents a 47.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sean Maduck sold 30,955 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $125.58, for a total value of $3,887,328.90. Following the completion of the transaction, the insider owned 9,755 shares in the company, valued at $1,225,032.90. This represents a 76.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 349,203 shares of company stock worth $40,686,076 over the last 90 days. 20.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Corcept Therapeutics in the 2nd quarter worth $1,080,964,000. Parallel Advisors LLC increased its holdings in Corcept Therapeutics by 2.5% during the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock worth $160,329,000 after purchasing an additional 96,763 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Corcept Therapeutics by 213.5% in the 1st quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock valued at $87,609,000 after purchasing an additional 1,480,059 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Corcept Therapeutics in the 2nd quarter valued at about $49,185,000. Finally, Bank of America Corp DE acquired a new stake in shares of Corcept Therapeutics in the 2nd quarter valued at about $28,569,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Key Corcept Therapeutics News

Here are the key news stories impacting Corcept Therapeutics this week:

• Positive Sentiment: Third-quarter revenue rose 64% year over year to $340.5 million, while earnings were $1.01 per share—above analyst expectations. The results reflect robust recent growth. Third-quarter earnings results
• Neutral Sentiment: Corcept is targeting $3 billion to $5 billion in Cushing’s syndrome revenue by 2030. That longer-term ambition could represent meaningful upside, but depends on future execution and market adoption. Cushing’s revenue target and FDA decision
• Neutral Sentiment: The FDA is expected to decide on relacorilant on December 17, making the drug a near-term catalyst. The outcome remains uncertain. Relacorilant FDA decision
• Negative Sentiment: Despite beating earnings estimates, Corcept’s shares fell as investors reacted to guidance that disappointed the market. The weaker outlook appears to have outweighed the strong quarterly results. Shares fall on guidance

About Corcept Therapeutics

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.