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

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s stock price 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 changing hands.

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

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Sean Maduck sold 20,000 shares of the stock in a transaction that occurred on 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 transaction, the insider now owns 85,318 shares in the company, valued at approximately $4,299,174.02. This represents a 18.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $68.08, for a total value of $149,776.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,022 shares of company stock worth $2,703,257. 20.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Black Diamond Financial LLC lifted its position in shares of Corcept Therapeutics by 4.0% during the 4th quarter. Black Diamond Financial LLC now owns 5,200 shares of the biotechnology company’s stock worth $262,000 after buying an additional 200 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Corcept Therapeutics by 9.5% during the fourth quarter. Quadrant Capital Group LLC now owns 2,969 shares of the biotechnology company’s stock valued at $150,000 after acquiring an additional 257 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in Corcept Therapeutics by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company’s stock worth $426,000 after acquiring an additional 268 shares during the period. Arizona State Retirement System boosted its position in Corcept Therapeutics by 1.1% in the fourth quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company’s stock worth $1,374,000 after purchasing an additional 289 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its stake in Corcept Therapeutics by 0.8% in the 4th quarter. Illinois Municipal Retirement Fund now owns 47,527 shares of the biotechnology company’s stock valued at $2,395,000 after purchasing an additional 368 shares during the period. 93.61% of the stock is owned by institutional investors.

Corcept Therapeutics Trading Up 109.1 %

The stock has a market capitalization of $12.05 billion, a PE ratio of 90.65 and a beta of 0.61. 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 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 announced its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company had revenue of $181.89 million during the quarter, compared to the consensus estimate of $200.12 million. As a group, equities analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal 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.