Corcept Therapeutics’ (CORT) “Buy” Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Corcept Therapeutics (NASDAQ:CORT) in a report issued on Thursday,Benzinga reports. The firm currently has a $140.00 price target on the biotechnology company’s stock.

Separately, Piper Sandler reduced their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an “overweight” rating on the stock in a research note on Friday, August 1st. Five research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $135.25.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT opened at $83.87 on Thursday. Corcept Therapeutics has a 1 year low of $42.01 and a 1 year high of $117.33. The firm has a 50-day simple moving average of $72.19 and a two-hundred day simple moving average of $71.24. The company has a market cap of $8.84 billion, a P/E ratio of 74.22 and a beta of 0.29.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The firm had revenue of $194.43 million for the quarter, compared to the consensus estimate of $199.40 million. During the same period in the prior year, the business posted $0.32 earnings per share. The company’s revenue for the quarter was up 18.7% on a year-over-year basis. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Corcept Therapeutics will post 1.36 EPS for the current year.

Insider Transactions at Corcept Therapeutics

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $70.53, for a total value of $2,821,200.00. Following the completion of the sale, the chief executive officer directly owned 2,821,370 shares of the company’s stock, valued at $198,991,226.10. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Guyer sold 20,000 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $70.49, for a total transaction of $1,409,800.00. Following the transaction, the insider owned 5,487 shares in the company, valued at approximately $386,778.63. The trade was a 78.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 222,215 shares of company stock valued at $15,572,699 over the last three months. 20.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several institutional investors have recently bought and sold shares of CORT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Corcept Therapeutics by 11.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 224,713 shares of the biotechnology company’s stock worth $11,323,000 after buying an additional 22,361 shares during the period. Vise Technologies Inc. bought a new position in shares of Corcept Therapeutics in the 4th quarter worth $204,000. Public Employees Retirement System of Ohio lifted its stake in shares of Corcept Therapeutics by 269.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company’s stock worth $144,000 after purchasing an additional 2,086 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Corcept Therapeutics by 50.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,724 shares of the biotechnology company’s stock valued at $389,000 after purchasing an additional 2,578 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in Corcept Therapeutics by 102.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 313 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

About Corcept Therapeutics

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.