Corcept Therapeutics (NASDAQ:CORT) Posts Earnings Results, Beats Expectations By $0.14 EPS

Corcept Therapeutics (NASDAQ:CORT) released its earnings results on Wednesday. The biotechnology company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.14, Briefing.com reports. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The firm had revenue of $182.55 million for the quarter, compared to the consensus estimate of $171.97 million. During the same period in the prior year, the firm earned $0.28 EPS. The firm’s revenue was up 47.7% on a year-over-year basis. Corcept Therapeutics updated its FY 2024 guidance to EPS.

Corcept Therapeutics Stock Down 1.6 %

Shares of NASDAQ CORT traded down $0.74 during midday trading on Thursday, reaching $46.15. 745,747 shares of the stock were exchanged, compared to its average volume of 1,178,711. The firm has a market cap of $4.80 billion, a price-to-earnings ratio of 40.24 and a beta of 0.46. The firm has a 50-day simple moving average of $41.60 and a two-hundred day simple moving average of $34.21. Corcept Therapeutics has a twelve month low of $20.84 and a twelve month high of $50.07.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Gary Charles Robb sold 11,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total value of $509,080.00. Following the completion of the transaction, the insider now owns 22,772 shares of the company’s stock, valued at approximately $1,053,888.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Corcept Therapeutics news, insider Gary Charles Robb sold 11,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total value of $509,080.00. Following the sale, the insider now directly owns 22,772 shares of the company’s stock, valued at approximately $1,053,888.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William Guyer sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $35.30, for a total value of $353,000.00. Following the transaction, the insider now directly owns 6,039 shares of the company’s stock, valued at approximately $213,176.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,101 shares of company stock worth $972,817 in the last three months. Company insiders own 20.50% of the company’s stock.

Wall Street Analysts Forecast Growth

CORT has been the topic of a number of research reports. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Corcept Therapeutics in a report on Thursday. Canaccord Genuity Group reiterated a “buy” rating and issued a $38.00 price target on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. Piper Sandler upped their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Finally, Truist Financial raised their target price on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Corcept Therapeutics has an average rating of “Buy” and a consensus price target of $65.25.

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.