Canaccord Genuity Group Forecasts Strong Price Appreciation for Corcept Therapeutics (NASDAQ:CORT) Stock

Corcept Therapeutics (NASDAQ:CORT) had its target price raised by investment analysts at Canaccord Genuity Group from $78.00 to $130.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s target price points to a potential upside of 94.26% from the company’s current price.

Several other research firms have also commented on CORT. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Monday, November 25th. Sandler O’Neill restated a “buy” rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Corcept Therapeutics in a report on Thursday, October 31st. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $88.25.

Corcept Therapeutics Stock Down 4.3 %

NASDAQ:CORT opened at $66.92 on Thursday. The company has a market cap of $7.01 billion, a PE ratio of 53.11 and a beta of 0.56. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. Corcept Therapeutics has a twelve month low of $20.84 and a twelve month high of $71.29. The company’s 50 day moving average is $56.02 and its two-hundred day moving average is $46.91.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.14. The firm had revenue of $182.55 million during the quarter, compared to analysts’ expectations of $171.97 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company’s revenue for the quarter was up 47.7% compared to the same quarter last year. During the same period last year, the business posted $0.28 earnings per share. Analysts anticipate that Corcept Therapeutics will post 1.35 EPS for the current year.

Insider Buying and Selling

In related news, insider Sean Maduck sold 20,000 shares of Corcept Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $50.39, for a total value of $1,007,800.00. Following the completion of the sale, the insider now owns 85,318 shares in the company, valued at approximately $4,299,174.02. This trade represents a 18.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider William Guyer sold 3,394 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $48.97, for a total value of $166,204.18. Following the transaction, the insider now directly owns 5,796 shares in the company, valued at approximately $283,830.12. The trade was a 36.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,405 shares of company stock worth $1,627,772. Insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Several hedge funds have recently added to or reduced their stakes in CORT. Bank of Montreal Can grew its stake in shares of Corcept Therapeutics by 5.0% during the second quarter. Bank of Montreal Can now owns 12,156 shares of the biotechnology company’s stock worth $395,000 after purchasing an additional 580 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Corcept Therapeutics by 1.9% during the second quarter. The Manufacturers Life Insurance Company now owns 48,780 shares of the biotechnology company’s stock worth $1,585,000 after purchasing an additional 932 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Corcept Therapeutics during the second quarter worth about $412,000. Creative Planning lifted its stake in Corcept Therapeutics by 18.2% in the second quarter. Creative Planning now owns 11,626 shares of the biotechnology company’s stock valued at $378,000 after buying an additional 1,794 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in shares of Corcept Therapeutics by 6.2% in the second quarter. Cetera Investment Advisers now owns 38,292 shares of the biotechnology company’s stock valued at $1,244,000 after acquiring an additional 2,244 shares during the period. 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.