Corcept Therapeutics’ (CORT) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler restated their overweight rating on shares of Corcept Therapeutics (NASDAQ:CORT) in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a $35.00 price objective on the biotechnology company’s stock.

Several other brokerages also recently weighed in on CORT. HC Wainwright reaffirmed a buy rating and issued a $40.00 target price on shares of Corcept Therapeutics in a report on Wednesday, May 29th. StockNews.com lowered Corcept Therapeutics from a strong-buy rating to a buy rating in a report on Friday, May 3rd. Finally, Truist Financial reissued a buy rating and set a $65.00 target price on shares of Corcept Therapeutics in a research note on Monday, June 17th. Five 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 an average target price of $45.10.

Corcept Therapeutics Stock Down 3.4 %

Shares of CORT stock opened at $30.50 on Monday. Corcept Therapeutics has a 52-week low of $20.84 and a 52-week high of $35.22. The stock’s 50-day moving average price is $29.07 and its 200 day moving average price is $26.19. The stock has a market capitalization of $3.18 billion, a PE ratio of 28.77 and a beta of 0.44.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Wednesday, May 1st. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.04. Corcept Therapeutics had a return on equity of 24.19% and a net margin of 22.38%. The business had revenue of $146.80 million for the quarter, compared to analyst estimates of $141.19 million. During the same quarter in the previous year, the company posted $0.14 earnings per share. The company’s revenue for the quarter was up 38.9% compared to the same quarter last year. Analysts expect that Corcept Therapeutics will post 0.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Joseph Douglas Lyon sold 7,227 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $26.00, for a total value of $187,902.00. Following the completion of the transaction, the insider now directly owns 7,314 shares of the company’s stock, valued at approximately $190,164. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $30.21, for a total value of $66,462.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Joseph Douglas Lyon sold 7,227 shares of Corcept Therapeutics stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $26.00, for a total value of $187,902.00. Following the transaction, the insider now owns 7,314 shares of the company’s stock, valued at $190,164. The disclosure for this sale can be found here. Over the last three months, insiders have sold 93,457 shares of company stock worth $2,655,766. 20.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of large investors have recently bought and sold shares of CORT. Quantedge Capital Pte Ltd acquired a new stake in shares of Corcept Therapeutics during the fourth quarter valued at $8,066,000. Norges Bank purchased a new stake in shares of Corcept Therapeutics during the fourth quarter worth about $24,603,000. Linden Thomas Advisory Services LLC raised its position in shares of Corcept Therapeutics by 1.0% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 56,671 shares of the biotechnology company’s stock valued at $1,841,000 after buying an additional 555 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Corcept Therapeutics by 4.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 900,444 shares of the biotechnology company’s stock valued at $29,246,000 after buying an additional 39,111 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in Corcept Therapeutics by 85.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 126,807 shares of the biotechnology company’s stock worth $3,194,000 after acquiring an additional 58,468 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.