Corcept Therapeutics (NASDAQ:CORT) PT Raised to $67.00

Corcept Therapeutics (NASDAQ:CORT) had its target price raised by Piper Sandler from $38.00 to $67.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the biotechnology company’s stock.

Other equities research analysts have also issued research reports about the stock. HC Wainwright boosted their price target on shares of Corcept Therapeutics from $40.00 to $45.00 and gave the company a buy rating in a report on Tuesday, July 30th. Truist Financial reissued a buy rating and issued a $65.00 price target on shares of Corcept Therapeutics in a research report on Monday, June 17th. Finally, Canaccord Genuity Group reaffirmed a buy rating and set a $38.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of Buy and an average price target of $53.75.

Corcept Therapeutics Stock Performance

NASDAQ:CORT opened at $42.25 on Wednesday. The firm’s 50-day moving average is $35.38 and its 200-day moving average is $30.04. The company has a market cap of $4.40 billion, a price-to-earnings ratio of 39.86 and a beta of 0.45. Corcept Therapeutics has a 52-week low of $20.84 and a 52-week high of $43.74.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Monday, July 29th. The biotechnology company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.23 by $0.09. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The firm had revenue of $163.80 million during the quarter, compared to analysts’ expectations of $155.14 million. During the same quarter in the prior year, the firm posted $0.25 EPS. The company’s revenue for the quarter was up 39.1% on a year-over-year basis. Equities analysts predict that Corcept Therapeutics will post 1.1 EPS for the current year.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, insider William Guyer sold 10,000 shares of the business’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 $213,176.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, insider William Guyer sold 10,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $213,176.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction on Monday, July 1st. The shares were sold at an average price of $32.81, for a total value of $72,182.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,451 shares of company stock valued at $1,090,844. 20.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Norden Group LLC acquired a new position in shares of Corcept Therapeutics during the first quarter worth approximately $50,081,000. Norges Bank acquired a new position in Corcept Therapeutics during the 4th quarter worth $24,603,000. Jacobs Levy Equity Management Inc. bought a new position in Corcept Therapeutics in the 1st quarter valued at $18,426,000. Jupiter Asset Management Ltd. increased its stake in shares of Corcept Therapeutics by 1,149.0% in the 1st quarter. Jupiter Asset Management Ltd. now owns 744,469 shares of the biotechnology company’s stock valued at $18,753,000 after buying an additional 684,863 shares during the period. Finally, Clearbridge Investments LLC bought a new stake in shares of Corcept Therapeutics during the first quarter worth $14,670,000. Institutional investors own 93.61% of the company’s stock.

About Corcept Therapeutics

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.