Corcept Therapeutics (NASDAQ:CORT) Stock Price Up 10.4% – Here’s What Happened

Corcept Therapeutics Incorporated (NASDAQ:CORT) shot up 10.4% during mid-day trading on Wednesday . The stock traded as high as $56.46 and last traded at $56.4780. 804,205 shares traded hands during trading, a decline of 56% from the average session volume of 1,847,772 shares. The stock had previously closed at $51.16.

Wall Street Analyst Weigh In

CORT has been the topic of a number of recent analyst reports. Piper Sandler lifted their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Canaccord Genuity Group lifted their price target on Corcept Therapeutics from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. HC Wainwright boosted their price target on Corcept Therapeutics from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Wolfe Research upgraded Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research report on Thursday, March 26th. Finally, UBS Group raised Corcept Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $44.00 to $72.00 in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.83.

Corcept Therapeutics Stock Performance

The company has a market cap of $6.13 billion, a price-to-earnings ratio of 163.09 and a beta of 0.36. The company has a fifty day moving average of $41.03 and a two-hundred day moving average of $53.28.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) 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 firm had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. During the same period in the previous year, the company earned $0.17 EPS. Corcept Therapeutics’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities analysts expect that Corcept Therapeutics Incorporated will post 0.48 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, Director G Leonard Baker, Jr. acquired 100,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, March 17th. The shares were bought at an average price of $33.14 per share, with a total value of $3,314,000.00. Following the completion of the purchase, the director directly owned 1,146,631 shares in the company, valued at $37,999,351.34. This trade represents a 9.55% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Joseph K. Belanoff sold 26,198 shares of the stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $50.07, for a total value of $1,311,733.86. Following the completion of the sale, the chief executive officer owned 2,918,326 shares of the company’s stock, valued at $146,120,582.82. The trade was a 0.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 86,198 shares of company stock worth $3,887,769. 20.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of institutional investors have recently made changes to their positions in CORT. Torren Management LLC bought a new position in shares of Corcept Therapeutics during the fourth quarter worth about $25,000. Advisory Services Network LLC acquired a new stake in Corcept Therapeutics during the 3rd quarter valued at approximately $25,000. Clearstead Advisors LLC increased its position in Corcept Therapeutics by 163.6% during the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 193 shares during the period. Atlas Capital Advisors Inc. bought a new position in Corcept Therapeutics during the 4th quarter worth approximately $31,000. Finally, Hantz Financial Services Inc. lifted its position in shares of Corcept Therapeutics by 113.7% in the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock worth $34,000 after purchasing an additional 524 shares during the period. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

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.