Corcept Therapeutics (NASDAQ:CORT) Upgraded to “Strong-Buy” at Zacks Research

Corcept Therapeutics (NASDAQ:CORT) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

Several other equities analysts have also recently weighed in on CORT. Truist Financial began coverage on Corcept Therapeutics in a research note on Tuesday, August 18th. They set a “buy” rating and a $164.00 target price on the stock. 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. Weiss Ratings raised shares of Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Finally, Canaccord Genuity Group upped their price target on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $138.17.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $114.74 on Monday. Corcept Therapeutics has a 52 week low of $28.66 and a 52 week high of $126.38. The firm has a market capitalization of $12.40 billion, a price-to-earnings ratio of 273.20 and a beta of 0.45. The company has a 50 day moving average price of $112.07 and a 200 day moving average price of $79.49.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results 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. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The company had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. During the same quarter in the prior year, the company earned $0.29 earnings per share. The company’s revenue for the quarter was up 31.7% on a year-over-year basis. Equities analysts forecast that Corcept Therapeutics will post 1.86 earnings per share for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, Director James Wilson sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $110.69, for a total value of $1,106,900.00. Following the completion of the sale, the director directly owned 1,064,543 shares of the company’s stock, valued at $117,834,264.67. The trade was a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Sean Maduck sold 25,000 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $114.43, for a total transaction of $2,860,750.00. Following the transaction, the insider owned 9,755 shares in the company, valued at approximately $1,116,264.65. This trade represents a 71.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 421,415 shares of company stock valued at $48,465,845. Insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

Hedge funds have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Corcept Therapeutics in the second quarter worth about $27,000. State of Wyoming increased its holdings in shares of Corcept Therapeutics by 29.5% during the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after acquiring an additional 186 shares during the last quarter. Hantz Financial Services Inc. raised its stake in shares of Corcept Therapeutics by 113.7% in the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock valued at $34,000 after acquiring an additional 524 shares in the last quarter. Gould Capital LLC raised its position in shares of Corcept Therapeutics by 66.7% in the first quarter. Gould Capital LLC now owns 1,000 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 400 shares during the period. Finally, SHP Wealth Management bought a new position in Corcept Therapeutics in the 4th quarter worth $72,000. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering, developing and commercializing medicines that modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol activity in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept’s principal commercial product is Korlym (mifepristone), a 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 had unsuccessful surgery.