Corcept Therapeutics (NASDAQ:CORT) Sets New 12-Month High at $39.97

Corcept Therapeutics Incorporated (NASDAQ:CORT) reached a new 52-week high during trading on Tuesday . The company traded as high as $39.97 and last traded at $39.89, with a volume of 53532 shares traded. The stock had previously closed at $38.47.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CORT shares. Truist Financial reaffirmed a “buy” rating and set a $65.00 price target on shares of Corcept Therapeutics in a report on Monday, June 17th. Piper Sandler raised their target price on Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday. HC Wainwright boosted their price target on Corcept Therapeutics from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $38.00 price target 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, Corcept Therapeutics has a consensus rating of “Buy” and a consensus price target of $53.75.

Corcept Therapeutics Trading Up 6.4 %

The stock has a market capitalization of $4.40 billion, a P/E ratio of 39.88 and a beta of 0.45. The stock’s 50 day simple moving average is $34.97 and its 200 day simple moving average is $29.79.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Monday, July 29th. The biotechnology company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.23 by $0.09. The business had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $155.14 million. Corcept Therapeutics had a net margin of 21.93% and a return on equity of 23.66%. The company’s quarterly revenue was up 39.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.25 earnings per share. On average, sell-side analysts expect that Corcept Therapeutics Incorporated will post 1.1 EPS for the current fiscal year.

Insider Activity

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $32.81, for a total transaction of $72,182.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider William Guyer sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was 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 directly owns 6,039 shares of the company’s stock, valued at $233,528.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was 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 ninety days, insiders sold 30,451 shares of company stock worth $1,090,844. 20.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CORT. Vanguard Group Inc. lifted its stake in Corcept Therapeutics by 0.3% in the first quarter. Vanguard Group Inc. now owns 9,565,782 shares of the biotechnology company’s stock valued at $240,962,000 after buying an additional 28,250 shares during the last quarter. Parallel Advisors LLC lifted its position in Corcept Therapeutics by 1.2% in the 4th quarter. Parallel Advisors LLC now owns 3,768,245 shares of the biotechnology company’s stock valued at $122,393,000 after purchasing an additional 44,762 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Corcept Therapeutics by 4.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,676,335 shares of the biotechnology company’s stock valued at $86,952,000 after purchasing an additional 108,658 shares during the last quarter. Norden Group LLC acquired a new position in Corcept Therapeutics during the 1st quarter valued at about $50,081,000. Finally, Charles Schwab Investment Management Inc. grew its position in Corcept Therapeutics by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 900,444 shares of the biotechnology company’s stock worth $29,246,000 after purchasing an additional 39,111 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

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.