Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT – Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $91.00 and last traded at $90.6850, with a volume of 364981 shares. The stock had previously closed at $86.95.
Analyst Ratings Changes
CORT has been the subject of several research reports. Wolfe Research raised Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. Piper Sandler increased their price target on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Finally, Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Corcept Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $88.83.
Read Our Latest Stock Report on CORT
Corcept Therapeutics Stock Performance
Corcept Therapeutics (NASDAQ:CORT – Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. During the same quarter in the prior year, the business posted $0.17 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, sell-side analysts expect that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.
Insiders Place Their Bets
In related news, insider William Guyer sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $70.60, for a total value of $1,412,000.00. Following the transaction, the insider directly owned 3,985 shares of the company’s stock, valued at approximately $281,341. This trade represents a 83.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Atabak Mokari sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.15, for a total value of $3,246,000.00. Following the sale, the chief financial officer directly owned 16,130 shares of the company’s stock, valued at $1,308,949.50. The trade was a 71.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 275,000 shares of company stock worth $18,836,100 in the last three months. 20.70% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Torren Management LLC bought a new position in Corcept Therapeutics in the 4th quarter worth $25,000. Advisory Services Network LLC acquired a new position in Corcept Therapeutics during the 3rd quarter worth $25,000. Clearstead Advisors LLC boosted its holdings in Corcept Therapeutics by 163.6% during the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 193 shares during the period. Atlas Capital Advisors Inc. bought a new stake in Corcept Therapeutics during the fourth quarter valued at about $31,000. Finally, State of Wyoming grew its position in shares of Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 186 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.
Corcept Therapeutics Company Profile
Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.
The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.
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