Corcept Therapeutics (NASDAQ:CORT) Reaches New 1-Year High on Analyst Upgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares reached a new 52-week high during trading on Tuesday after Truist Financial raised their price target on the stock from $76.00 to $150.00. Truist Financial currently has a buy rating on the stock. Corcept Therapeutics traded as high as $117.33 and last traded at $114.22, with a volume of 14315431 shares changing hands. The stock had previously closed at $54.63.

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

Insider Buying and Selling

In related news, CEO Joseph K. Belanoff sold 1,974 shares of Corcept Therapeutics stock in a transaction on Monday, March 24th. The stock was sold at an average price of $60.83, for a total value of $120,078.42. Following the transaction, the chief executive officer now directly owns 3,017,437 shares in the company, valued at $183,550,692.71. The trade was a 0.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Joseph Douglas Lyon sold 421 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $60.58, for a total value of $25,504.18. Following the sale, the insider now directly owns 9,009 shares of the company’s stock, valued at approximately $545,765.22. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,022 shares of company stock worth $2,703,257 in the last ninety days. 20.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Kestra Investment Management LLC purchased a new stake in shares of Corcept Therapeutics in the 4th quarter valued at approximately $27,000. Canada Pension Plan Investment Board purchased a new position in shares of Corcept Therapeutics during the fourth quarter valued at $40,000. National Bank of Canada FI purchased a new position in shares of Corcept Therapeutics during the fourth quarter valued at $42,000. USA Financial Formulas acquired a new position in Corcept Therapeutics during the fourth quarter valued at $54,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Corcept Therapeutics in the 4th quarter worth about $58,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Price Performance

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

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

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.