Piper Jaffray Companies Analysts Give Corcept Therapeutics Incorporated (CORT) a $18.00 Price Target
Piper Jaffray Companies set a $18.00 target price on Corcept Therapeutics Incorporated (NASDAQ:CORT) in a research note issued to investors on Thursday morning. The brokerage currently has a buy rating on the biotechnology company’s stock.
Several other analysts also recently issued reports on the stock. BidaskClub raised shares of Corcept Therapeutics from a buy rating to a strong-buy rating in a report on Friday, August 18th. Zacks Investment Research raised shares of Corcept Therapeutics from a hold rating to a strong-buy rating and set a $14.00 price target on the stock in a report on Wednesday, July 19th. Ladenburg Thalmann Financial Services set a $20.00 price target on shares of Corcept Therapeutics and gave the company a buy rating in a report on Tuesday, July 18th. Finally, TheStreet raised shares of Corcept Therapeutics from a c+ rating to a b rating in a report on Monday, May 22nd. One analyst has rated the stock with a sell rating, three have given a buy rating and two have given a strong buy rating to the stock. Corcept Therapeutics currently has an average rating of Buy and an average target price of $14.20.
Shares of Corcept Therapeutics (NASDAQ CORT) opened at 14.03 on Thursday. The stock has a 50 day moving average price of $13.37 and a 200 day moving average price of $11.16. Corcept Therapeutics has a one year low of $5.24 and a one year high of $15.58. The company has a market capitalization of $1.59 billion, a PE ratio of 69.80 and a beta of 2.06.
Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Tuesday, August 1st. The biotechnology company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. Corcept Therapeutics had a net margin of 22.28% and a return on equity of 51.45%. The company had revenue of $35.56 million for the quarter, compared to the consensus estimate of $31.37 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The company’s revenue for the quarter was up 80.3% compared to the same quarter last year. On average, equities research analysts predict that Corcept Therapeutics will post $0.43 earnings per share for the current year.
In other news, Director David L. Mahoney sold 6,510 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $12.50, for a total value of $81,375.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David L. Mahoney sold 23,006 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $12.50, for a total transaction of $287,575.00. The disclosure for this sale can be found here. Insiders sold 42,601 shares of company stock worth $532,513 in the last ninety days. Insiders own 19.20% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA raised its position in Corcept Therapeutics by 2,942.9% in the second quarter. BNP Paribas Arbitrage SA now owns 9,707 shares of the biotechnology company’s stock worth $115,000 after buying an additional 9,388 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Corcept Therapeutics by 52.6% in the second quarter. PNC Financial Services Group Inc. now owns 9,837 shares of the biotechnology company’s stock worth $116,000 after buying an additional 3,390 shares in the last quarter. Sand Hill Global Advisors LLC purchased a new position in Corcept Therapeutics during the second quarter worth $118,000. Jasper Ridge Partners L.P. purchased a new position in Corcept Therapeutics during the second quarter worth $118,000. Finally, Virginia Retirement Systems ET AL purchased a new position in Corcept Therapeutics during the second quarter worth $127,000. 61.48% of the stock is owned by institutional investors and hedge funds.
About Corcept Therapeutics
Corcept Therapeutics Incorporated is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. The Company is developing mifepristone, a compound that modulates the effects of cortisol by acting as a competitive antagonist at the glucocorticoid receptor (GR).
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