Corcept Therapeutics (NASDAQ:CORT) Sets New 52-Week High at $43.81

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) hit a new 52-week high during trading on Tuesday . The stock traded as high as $43.81 and last traded at $43.42, with a volume of 209804 shares changing hands. The stock had previously closed at $42.95.

Analyst Upgrades and Downgrades

CORT has been the topic of several analyst reports. Truist Financial restated a “buy” rating and set a $65.00 price target on shares of Corcept Therapeutics in a report on Monday, June 17th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $38.00 target price on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Piper Sandler increased their price target on Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, September 18th. Finally, HC Wainwright boosted their price objective on Corcept Therapeutics from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Corcept Therapeutics has an average rating of “Buy” and an average target price of $53.75.

Corcept Therapeutics Trading Up 2.4 %

The stock’s 50-day moving average price is $35.59 and its two-hundred day moving average price is $30.22. The stock has a market capitalization of $4.58 billion, a P/E ratio of 40.52 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Monday, July 29th. The biotechnology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.09. The business had revenue of $163.80 million during the quarter, compared to analyst estimates of $155.14 million. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. Corcept Therapeutics’s revenue was up 39.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 earnings per share. On average, equities research analysts predict that Corcept Therapeutics Incorporated will post 1.1 earnings per share for the current year.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $32.49, for a total transaction of $162,450.00. Following the sale, the insider now owns 9,290 shares of the company’s stock, valued at approximately $301,832.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider William Guyer sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $38.67, for a total transaction of $386,700.00. Following the completion of the transaction, the insider now owns 6,039 shares of the company’s stock, valued at $233,528.13. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $32.49, for a total value of $162,450.00. Following the sale, the insider now owns 9,290 shares of the company’s stock, valued at approximately $301,832.10. The disclosure for this sale can be found here. Insiders sold 30,451 shares of company stock worth $1,090,844 over the last quarter. 20.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CORT. BNP Paribas Financial Markets grew its holdings in shares of Corcept Therapeutics by 199.0% in the first quarter. BNP Paribas Financial Markets now owns 211,592 shares of the biotechnology company’s stock worth $5,330,000 after purchasing an additional 140,815 shares during the last quarter. Quantedge Capital Pte Ltd bought a new stake in shares of Corcept Therapeutics in the fourth quarter worth about $8,066,000. Oak Ridge Investments LLC purchased a new position in Corcept Therapeutics during the 2nd quarter valued at about $984,000. Norges Bank bought a new position in Corcept Therapeutics during the 4th quarter valued at approximately $24,603,000. Finally, State Board of Administration of Florida Retirement System lifted its holdings in Corcept Therapeutics by 190.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 66,866 shares of the biotechnology company’s stock worth $1,684,000 after buying an additional 43,809 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

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.