HC Wainwright Reaffirms Buy Rating for Corcept Therapeutics (NASDAQ:CORT)

Corcept Therapeutics (NASDAQ:CORT)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research note issued on Friday, September 18th, Benzinga reports. They presently have a $165.00 price objective on the biotechnology company’s stock. HC Wainwright’s price target indicates a potential upside of 42.12% from the company’s previous close.

CORT has been the subject of a number of other research reports. Wolfe Research lowered shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price objective for the company. in a report on Monday, July 27th. Canaccord Genuity Group raised their price target on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Truist Financial started coverage on shares of Corcept Therapeutics in a report on Tuesday, August 18th. They set a “buy” rating and a $164.00 price target for the company. Piper Sandler restated an “overweight” rating and set a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Finally, UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a report on Thursday, May 28th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Corcept Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $138.17.

Corcept Therapeutics Price Performance

NASDAQ CORT traded down $2.41 during trading hours on Friday, reaching $116.10. The company’s stock had a trading volume of 794,942 shares, compared to its average volume of 1,543,830. The firm has a fifty day simple moving average of $110.70 and a 200-day simple moving average of $77.76. The stock has a market cap of $12.55 billion, a P/E ratio of 276.44 and a beta of 0.45. Corcept Therapeutics has a 52 week low of $28.66 and a 52 week high of $126.38.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.34. The business had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm’s quarterly revenue was up 31.7% on a year-over-year basis. During the same quarter last year, the business earned $0.29 EPS. On average, research analysts expect that Corcept Therapeutics will post 1.86 earnings per share for the current year.

Insider Activity

In other news, Director David L. Mahoney sold 103,606 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the completion of the sale, the director owned 1,133,539 shares of the company’s stock, valued at $134,040,986.75. This trade represents a 8.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Atabak Mokari sold 80,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $114.71, for a total transaction of $9,176,800.00. Following the sale, the chief financial officer directly owned 16,130 shares of the company’s stock, valued at approximately $1,850,272.30. This trade represents a 83.22% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 446,415 shares of company stock worth $50,674,595. 20.70% of the stock is owned by insiders.

Institutional Trading of Corcept Therapeutics

Large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Corcept Therapeutics during the 2nd quarter valued at $1,080,964,000. First Trust Advisors LP increased its stake in Corcept Therapeutics by 213.5% during the 1st quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock valued at $87,609,000 after purchasing an additional 1,480,059 shares in the last quarter. Geode Capital Management LLC increased its stake in Corcept Therapeutics by 38.0% during the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock valued at $92,892,000 after purchasing an additional 734,646 shares in the last quarter. Norges Bank bought a new stake in Corcept Therapeutics during the 4th quarter valued at $24,213,000. Finally, Bank of New York Mellon Corp bought a new stake in Corcept Therapeutics during the 2nd quarter valued at $49,185,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering and developing medicines that modulate the effects of the stress hormone cortisol. The company’s research centers on the glucocorticoid receptor, which regulates cortisol activity and may play a role in metabolic, psychiatric, oncologic and other serious diseases.

Corcept’s commercial product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.