Corcept Therapeutics (NASDAQ:CORT) Price Target Raised to $38.00 at Piper Sandler

Corcept Therapeutics (NASDAQ:CORT) had its price objective lifted by Piper Sandler from $35.00 to $38.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the biotechnology company’s stock.

Several other research firms have also recently commented on CORT. HC Wainwright reaffirmed a buy rating and issued a $40.00 target price on shares of Corcept Therapeutics in a research report on Wednesday, May 29th. Truist Financial reaffirmed a buy rating and issued a $65.00 target price on shares of Corcept Therapeutics in a research report on Monday, June 17th. Finally, StockNews.com lowered shares of Corcept Therapeutics from a strong-buy rating to a buy rating in a research note on Friday, May 3rd. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Corcept Therapeutics currently has a consensus rating of Buy and an average price target of $46.70.

Corcept Therapeutics Stock Down 7.0 %

Shares of CORT opened at $35.30 on Tuesday. The stock has a market capitalization of $3.68 billion, a P/E ratio of 33.02 and a beta of 0.44. The firm has a fifty day simple moving average of $32.05 and a two-hundred day simple moving average of $26.86. Corcept Therapeutics has a twelve month low of $20.84 and a twelve month high of $39.75.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Monday, July 29th. The biotechnology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.09. Corcept Therapeutics had a net margin of 21.93% and a return on equity of 23.66%. The business had revenue of $163.80 million during the quarter, compared to analysts’ expectations of $155.14 million. During the same quarter in the prior year, the company posted $0.25 EPS. The firm’s revenue for the quarter was up 39.1% compared to the same quarter last year. Sell-side analysts expect that Corcept Therapeutics will post 1.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Joseph Douglas Lyon sold 7,227 shares of the stock in a transaction dated Thursday, May 9th. The shares were 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 in the company, valued at approximately $190,164. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 7,227 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $26.00, for a total transaction of $187,902.00. Following the completion of the sale, the insider now directly owns 7,314 shares in the company, valued at approximately $190,164. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $30.21, for a total transaction of $66,462.00. The disclosure for this sale can be found here. Insiders sold a total of 82,627 shares of company stock worth $2,374,186 in the last three months. 20.50% of the stock is owned by corporate insiders.

Institutional Trading of Corcept Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CORT. Boston Trust Walden Corp boosted its holdings in shares of Corcept Therapeutics by 1.1% during the 4th quarter. Boston Trust Walden Corp now owns 1,846,924 shares of the biotechnology company’s stock valued at $59,988,000 after acquiring an additional 19,877 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Corcept Therapeutics by 9.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 5,900 shares of the biotechnology company’s stock valued at $192,000 after acquiring an additional 500 shares during the last quarter. Mutual of America Capital Management LLC boosted its holdings in shares of Corcept Therapeutics by 33.3% during the 4th quarter. Mutual of America Capital Management LLC now owns 144,972 shares of the biotechnology company’s stock valued at $4,709,000 after acquiring an additional 36,255 shares during the last quarter. Louisiana State Employees Retirement System purchased a new stake in shares of Corcept Therapeutics during the 4th quarter valued at about $1,468,000. Finally, Strs Ohio boosted its holdings in shares of Corcept Therapeutics by 585.0% during the 4th quarter. Strs Ohio now owns 13,700 shares of the biotechnology company’s stock valued at $444,000 after acquiring an additional 11,700 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors.

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.