Corcept Therapeutics Incorporated (NASDAQ:CORT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) have been given a consensus rating of “Moderate Buy” by the eight analysts that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $138.1667.

CORT has been the subject of several recent analyst reports. HC Wainwright upped their target price on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Wolfe Research downgraded Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price objective on the stock. in a research report on Monday, July 27th. Weiss Ratings raised Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Finally, Canaccord Genuity Group lifted their target price on Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $113.88 on Monday. Corcept Therapeutics has a 12-month low of $28.66 and a 12-month high of $126.38. The firm has a market capitalization of $12.31 billion, a price-to-earnings ratio of 271.15 and a beta of 0.45. The firm has a 50 day moving average of $101.17 and a 200 day moving average of $67.55.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, topping 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 company’s revenue was up 31.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 earnings per share. On average, analysts predict that Corcept Therapeutics will post 1.77 EPS for the current year.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $93.13, for a total transaction of $1,862,600.00. Following the completion of the sale, the insider directly owned 3,985 shares of the company’s stock, valued at $371,123.05. This trade represents a 83.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David L. Mahoney sold 103,606 shares of Corcept Therapeutics 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 sale, the director owned 1,133,539 shares in the company, valued at approximately $134,040,986.75. The trade was a 8.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 432,786 shares of company stock worth $46,261,840 over the last ninety days. 20.70% of the stock is owned by company insiders.

Institutional Trading of Corcept Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Corient Private Wealth LP boosted its holdings in shares of Corcept Therapeutics by 108.4% during the 2nd quarter. Corient Private Wealth LP now owns 12,198 shares of the biotechnology company’s stock valued at $1,061,000 after purchasing an additional 6,345 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Corcept Therapeutics during the second quarter valued at about $2,311,000. California State Teachers Retirement System increased its holdings in shares of Corcept Therapeutics by 8,572.7% in the second quarter. California State Teachers Retirement System now owns 9,611,888 shares of the biotechnology company’s stock worth $835,754,000 after purchasing an additional 9,501,059 shares during the last quarter. Wedmont Private Capital bought a new stake in shares of Corcept Therapeutics in the second quarter worth about $288,000. Finally, HB Wealth Management LLC bought a new stake in shares of Corcept Therapeutics in the second quarter worth about $451,000. 93.61% of the stock is currently owned by institutional investors.

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.