Corcept Therapeutics (NASDAQ:CORT) Upgraded to “Strong-Buy” at Truist Financial

Truist Financial upgraded shares of Corcept Therapeutics (NASDAQ:CORT) to a strong-buy rating in a research note published on Monday,Zacks.com reports.

A number of other research analysts have also recently issued reports on CORT. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Piper Sandler increased their price target on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Canaccord Genuity Group boosted their target price on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Wolfe Research raised shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. Finally, UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $88.83.

Corcept Therapeutics Stock Up 0.3%

Shares of Corcept Therapeutics stock opened at $83.12 on Monday. The firm has a market cap of $8.92 billion, a price-to-earnings ratio of 237.49 and a beta of 0.50. Corcept Therapeutics has a 52-week low of $28.66 and a 52-week high of $91.00. The company’s 50-day simple moving average is $56.51 and its 200-day simple moving average is $52.10.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) EPS 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 firm had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. During the same quarter in the previous year, the business earned $0.17 EPS. Corcept Therapeutics’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities research analysts anticipate that Corcept Therapeutics will post 0.62 EPS for the current year.

Insider Buying and Selling

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $65.00, for a total transaction of $325,000.00. Following the transaction, the insider directly owned 6,230 shares of the company’s stock, valued at approximately $404,950. The trade was a 44.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider William Guyer sold 20,000 shares of the company’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 completion of the transaction, the insider owned 3,985 shares of the company’s stock, valued at approximately $281,341. This represents a 83.39% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 242,965 shares of company stock valued at $14,802,964. 20.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several institutional investors have recently modified their holdings of CORT. Royal Bank of Canada grew its position in Corcept Therapeutics by 18.9% in the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock valued at $1,757,000 after buying an additional 2,444 shares in the last quarter. Amundi bought a new stake in Corcept Therapeutics during the first quarter worth approximately $450,000. NewEdge Advisors LLC acquired a new stake in Corcept Therapeutics in the first quarter worth approximately $518,000. EverSource Wealth Advisors LLC boosted its stake in Corcept Therapeutics by 273.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock valued at $106,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of Corcept Therapeutics by 795.3% during the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock valued at $3,391,000 after purchasing an additional 41,040 shares during the period. Institutional investors own 93.61% of the company’s stock.

About Corcept Therapeutics

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.