Corcept Therapeutics (NASDAQ:CORT) Hits New 12-Month High – Here’s What Happened

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares reached a new 52-week high on Wednesday . The stock traded as high as $61.70 and last traded at $61.56, with a volume of 140141 shares traded. The stock had previously closed at $59.67.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CORT shares. Piper Sandler raised their price target 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. Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. StockNews.com cut Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Corcept Therapeutics in a report on Thursday, October 31st. Finally, Truist Financial lifted their target price on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The firm has a fifty day moving average of $51.51 and a 200 day moving average of $39.89. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of 47.16 and a beta of 0.51.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. During the same quarter in the previous year, the firm earned $0.28 EPS. The company’s quarterly revenue was up 47.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Corcept Therapeutics Incorporated will post 1.35 EPS for the current year.

Insider Buying and Selling at Corcept Therapeutics

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $59.88, for a total transaction of $131,736.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William Guyer sold 3,394 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $48.97, for a total transaction of $166,204.18. Following the transaction, the insider now directly owns 5,796 shares of the company’s stock, valued at approximately $283,830.12. This trade represents a 36.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,611 shares of company stock worth $1,210,548 in the last ninety days. 20.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of institutional investors have recently modified their holdings of CORT. Oak Ridge Investments LLC purchased a new position in Corcept Therapeutics during the 2nd quarter valued at about $984,000. M&G PLC acquired a new stake in shares of Corcept Therapeutics during the third quarter worth about $11,173,000. Empowered Funds LLC acquired a new stake in Corcept Therapeutics during the 3rd quarter worth approximately $1,784,000. Milestone Asset Management LLC boosted its holdings in Corcept Therapeutics by 47.4% in the second quarter. Milestone Asset Management LLC now owns 51,599 shares of the biotechnology company’s stock valued at $1,676,000 after purchasing an additional 16,593 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Corcept Therapeutics by 49.2% during the 3rd quarter. Victory Capital Management Inc. now owns 41,823 shares of the biotechnology company’s stock worth $1,936,000 after purchasing an additional 13,787 shares during the period. 93.61% of the stock is owned by institutional investors and hedge funds.

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.