Corcept Therapeutics (NASDAQ:CORT) Hits New 1-Year High – What’s Next?

Corcept Therapeutics Incorporated (NASDAQ:CORT) hit a new 52-week high during trading on Thursday . The company traded as high as $67.00 and last traded at $66.00, with a volume of 138085 shares trading hands. The stock had previously closed at $61.53.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CORT. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $65.25.

Corcept Therapeutics Price Performance

The stock has a market cap of $7.26 billion, a PE ratio of 55.02 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. The company’s 50 day moving average is $55.55 and its 200-day moving average is $46.50.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.14. The business had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The firm’s revenue was up 47.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.28 earnings per share. As a group, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.35 earnings per share for the current year.

Insider Buying and Selling

In related news, insider William Guyer sold 3,394 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were 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. This represents a 36.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sean Maduck sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the completion of the transaction, the insider now owns 85,318 shares of the company’s stock, valued at approximately $4,299,174.02. This trade represents a 18.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,011 shares of company stock worth $1,951,268 in the last quarter. 20.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Roman Butler Fullerton & Co. raised its holdings in Corcept Therapeutics by 376.1% in the 4th quarter. Roman Butler Fullerton & Co. now owns 26,497 shares of the biotechnology company’s stock worth $1,335,000 after acquiring an additional 20,932 shares during the last quarter. New York State Teachers Retirement System raised its position in shares of Corcept Therapeutics by 3.0% during the 4th quarter. New York State Teachers Retirement System now owns 128,232 shares of the biotechnology company’s stock valued at $6,462,000 after buying an additional 3,789 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Corcept Therapeutics during the fourth quarter worth approximately $4,483,000. Certuity LLC purchased a new stake in shares of Corcept Therapeutics during the 4th quarter worth $204,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in Corcept Therapeutics during the 4th quarter valued at about $58,000. Hedge funds and other institutional investors 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.