Corcept Therapeutics (NASDAQ:CORT) Posts Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Corcept Therapeutics (NASDAQ:CORT) issued its earnings results on Wednesday. The biotechnology company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.14, Briefing.com reports. The business had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The business’s quarterly revenue was up 47.7% on a year-over-year basis. During the same quarter last year, the company earned $0.28 EPS. Corcept Therapeutics updated its FY 2024 guidance to EPS.

Corcept Therapeutics Stock Up 0.7 %

NASDAQ:CORT traded up $0.31 during trading hours on Thursday, reaching $47.20. 905,709 shares of the stock were exchanged, compared to its average volume of 1,179,469. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $50.07. The stock has a market capitalization of $4.91 billion, a P/E ratio of 44.55 and a beta of 0.46. The firm has a 50 day simple moving average of $41.85 and a 200-day simple moving average of $34.29.

Insider Buying and Selling

In other news, insider William Guyer sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the transaction, the insider now directly owns 6,039 shares in the company, valued at approximately $213,176.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Gary Charles Robb sold 3,101 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.71, for a total transaction of $110,736.71. Following the completion of the transaction, the insider now owns 23,190 shares of the company’s stock, valued at approximately $828,114.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider William Guyer sold 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $35.30, for a total transaction of $353,000.00. Following the completion of the sale, the insider now directly owns 6,039 shares in the company, valued at approximately $213,176.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,101 shares of company stock worth $972,817 over the last ninety days. 20.50% of the stock is owned by insiders.

Analysts Set New Price Targets

CORT has been the subject of a number of recent research reports. Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Piper Sandler raised their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Corcept Therapeutics in a research note on Thursday. Canaccord Genuity Group reiterated a “buy” rating and set a $38.00 price objective on shares of Corcept Therapeutics in a research report on Tuesday, July 30th. Finally, Truist Financial upped their target price on Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.