Piper Sandler Raises Corcept Therapeutics (NASDAQ:CORT) Price Target to $78.00

Corcept Therapeutics (NASDAQ:CORT) had its target price increased by investment analysts at Piper Sandler from $67.00 to $78.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s target price suggests a potential upside of 28.76% from the stock’s current price.

A number of other equities research analysts have also issued reports on CORT. Canaccord Genuity Group upped their price target on Corcept Therapeutics from $78.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. StockNews.com cut Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Monday, November 25th. Finally, HC Wainwright reiterated a “buy” rating and issued a $115.00 price objective on shares of Corcept Therapeutics in a report on Thursday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $99.75.

Corcept Therapeutics Price Performance

NASDAQ:CORT opened at $60.58 on Thursday. 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 moving average of $59.78 and a two-hundred day moving average of $51.22. The firm has a market cap of $6.35 billion, a P/E ratio of 48.08 and a beta of 0.58. Corcept Therapeutics has a 12 month low of $20.84 and a 12 month high of $75.00.

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

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 20,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the transaction, the insider now directly owns 85,318 shares in the company, valued at $4,299,174.02. This represents a 18.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction on Monday, February 10th. The stock was 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 three months, insiders have sold 26,600 shares of company stock worth $1,399,576. Insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Black Diamond Financial LLC raised its stake in shares of Corcept Therapeutics by 4.0% in the fourth quarter. Black Diamond Financial LLC now owns 5,200 shares of the biotechnology company’s stock valued at $262,000 after acquiring an additional 200 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of Corcept Therapeutics by 9.5% in 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 in the last quarter. Summit Investment Advisors Inc. raised its stake in shares of Corcept Therapeutics by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company’s stock valued at $426,000 after acquiring an additional 268 shares in the last quarter. Hancock Whitney Corp raised its stake in shares of Corcept Therapeutics by 1.2% in the third quarter. Hancock Whitney Corp now owns 22,954 shares of the biotechnology company’s stock valued at $1,062,000 after acquiring an additional 270 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Corcept Therapeutics by 1.1% in the fourth quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company’s stock valued at $1,374,000 after acquiring an additional 289 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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.