Corcept Therapeutics (NASDAQ:CORT) Shares Gap Up Following Analyst Upgrade

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) gapped up before the market opened on Monday after Truist Financial raised their price target on the stock from $76.00 to $150.00. The stock had previously closed at $54.63, but opened at $94.93. Truist Financial currently has a buy rating on the stock. Corcept Therapeutics shares last traded at $99.93, with a volume of 3,955,938 shares.

A number of other equities analysts have also weighed in on CORT. Canaccord Genuity Group increased their target price on shares of Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Piper Sandler lifted their price objective on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. StockNews.com cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, HC Wainwright raised their price target on Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $127.00.

Insider Activity at Corcept Therapeutics

In related news, CEO Joseph K. Belanoff sold 2,924 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $60.91, for a total transaction of $178,100.84. Following the completion of the transaction, the chief executive officer now directly owns 3,019,411 shares in the company, valued at $183,912,324.01. The trade was a 0.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sean Maduck sold 20,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total value of $1,007,800.00. Following the completion of the transaction, the insider now owns 85,318 shares in the company, valued at $4,299,174.02. This represents a 18.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,022 shares of company stock valued at $2,703,257. Corporate insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Several hedge funds have recently bought and sold shares of CORT. Charles Schwab Investment Management Inc. raised its position in shares of Corcept Therapeutics by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,026,487 shares of the biotechnology company’s stock valued at $47,506,000 after buying an additional 53,191 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Corcept Therapeutics by 4.5% during the third quarter. The Manufacturers Life Insurance Company now owns 50,996 shares of the biotechnology company’s stock valued at $2,360,000 after purchasing an additional 2,216 shares in the last quarter. FMR LLC raised its position in Corcept Therapeutics by 24.6% during the third quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock valued at $63,122,000 after purchasing an additional 269,074 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in Corcept Therapeutics by 40.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,223,781 shares of the biotechnology company’s stock worth $56,637,000 after purchasing an additional 352,947 shares during the last quarter. Finally, Stifel Financial Corp boosted its holdings in shares of Corcept Therapeutics by 30.0% in the 3rd quarter. Stifel Financial Corp now owns 88,967 shares of the biotechnology company’s stock worth $4,117,000 after purchasing an additional 20,546 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Price Performance

The stock has a market capitalization of $12.05 billion, a P/E ratio of 90.65 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The firm has a 50-day moving average price of $63.07 and a 200 day moving average price of $55.29.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). The business had revenue of $181.89 million for the quarter, compared to the consensus estimate of $200.12 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. On average, analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

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.