Piper Sandler Forecasts Strong Price Appreciation for Corcept Therapeutics (NASDAQ:CORT) Stock

Corcept Therapeutics (NASDAQ:CORT) had its price target raised by research analysts at Piper Sandler from $67.00 to $78.00 in a report released on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s price objective suggests a potential upside of 23.09% from the stock’s previous close.

A number of other analysts have also recently weighed in on CORT. HC Wainwright reaffirmed a “buy” rating and set a $115.00 target price on shares of Corcept Therapeutics in a research note on Thursday. StockNews.com lowered shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Monday, November 25th. Finally, Canaccord Genuity Group boosted their target price on shares of Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $99.75.

Corcept Therapeutics Stock Performance

NASDAQ CORT opened at $63.37 on Thursday. Corcept Therapeutics has a 1 year low of $20.84 and a 1 year high of $75.00. The firm has a market capitalization of $6.64 billion, a price-to-earnings ratio of 50.29 and a beta of 0.58. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The firm’s 50 day simple moving average is $59.60 and its 200 day simple moving average is $51.16.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business had revenue of $181.89 million for the quarter, compared to the consensus estimate of $200.12 million. As a group, research analysts expect that Corcept Therapeutics will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $68.08, for a total transaction of $149,776.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sean Maduck sold 20,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $50.39, for a total value of $1,007,800.00. Following the completion of the transaction, the insider now directly owns 85,318 shares in the company, valued at $4,299,174.02. This represents a 18.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,600 shares of company stock valued at $1,399,576 over the last ninety days. 20.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Large investors have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP acquired a new position in Corcept Therapeutics in the third quarter valued at approximately $25,000. Kestra Investment Management LLC acquired a new stake in shares of Corcept Therapeutics during the 4th quarter worth approximately $27,000. Canada Pension Plan Investment Board bought a new stake in shares of Corcept Therapeutics in the 4th quarter valued at $40,000. National Bank of Canada FI acquired a new position in shares of Corcept Therapeutics during the 4th quarter valued at $42,000. Finally, USA Financial Formulas bought a new position in Corcept Therapeutics during the fourth quarter worth $54,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

About Corcept Therapeutics

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.