Corcept Therapeutics (NASDAQ:CORT) Releases Earnings Results, Beats Estimates By $0.04 EPS

Corcept Therapeutics (NASDAQ:CORT) issued its earnings results on Wednesday. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.04, Briefing.com reports. The business had revenue of $146.80 million for the quarter, compared to analysts’ expectations of $141.19 million. Corcept Therapeutics had a return on equity of 21.98% and a net margin of 21.86%. The company’s quarterly revenue was up 38.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.14 EPS. Corcept Therapeutics updated its FY 2024 guidance to EPS.

Corcept Therapeutics Stock Up 2.4 %

Shares of CORT stock traded up $0.57 during mid-day trading on Thursday, reaching $24.45. The stock had a trading volume of 1,049,681 shares, compared to its average volume of 1,457,725. The firm’s 50 day simple moving average is $23.89 and its 200 day simple moving average is $25.25. Corcept Therapeutics has a one year low of $20.84 and a one year high of $34.28. The firm has a market cap of $2.54 billion, a PE ratio of 25.50 and a beta of 0.50.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CORT shares. StockNews.com upgraded Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. HC Wainwright restated a “buy” rating and issued a $38.00 target price on shares of Corcept Therapeutics in a research note on Tuesday, April 23rd. Finally, Truist Financial upped their target price on Corcept Therapeutics from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $39.70.

Insiders Place Their Bets

In other Corcept Therapeutics news, CAO Joseph Douglas Lyon sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $26.00, for a total value of $26,000.00. Following the completion of the sale, the chief accounting officer now owns 6,774 shares in the company, valued at approximately $176,124. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $25.30, for a total transaction of $55,660.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Joseph Douglas Lyon sold 1,000 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $26.00, for a total value of $26,000.00. Following the sale, the chief accounting officer now directly owns 6,774 shares of the company’s stock, valued at $176,124. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,583 shares of company stock worth $2,070,596. 20.50% of the stock is currently owned by company insiders.

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.