Corcept Therapeutics (NASDAQ:CORT) Sets New 52-Week High at $39.97

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $39.97 and last traded at $39.89, with a volume of 53532 shares changing hands. The stock had previously closed at $38.47.

Analyst Ratings Changes

CORT has been the subject of a number of analyst reports. Truist Financial reiterated a “buy” rating and set a $65.00 price target on shares of Corcept Therapeutics in a research report on Monday, June 17th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, July 30th. HC Wainwright raised their target price on shares of Corcept Therapeutics from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, Piper Sandler boosted their price target on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Corcept Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $53.75.

Corcept Therapeutics Stock Performance

The company has a market cap of $4.40 billion, a P/E ratio of 39.88 and a beta of 0.45. The stock has a 50 day moving average price of $34.97 and a 200 day moving average price of $29.79.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Monday, July 29th. The biotechnology company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.09. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The firm had revenue of $163.80 million for the quarter, compared to analyst estimates of $155.14 million. During the same period in the previous year, the company earned $0.25 earnings per share. Corcept Therapeutics’s revenue was up 39.1% compared to the same quarter last year. As a group, equities research analysts predict that Corcept Therapeutics Incorporated will post 1.1 earnings per share for the current year.

Insider Transactions at Corcept Therapeutics

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $32.81, for a total transaction of $72,182.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Gary Charles Robb sold 3,101 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.71, for a total value of $110,736.71. Following the completion of the sale, the insider now owns 23,190 shares in the company, valued at approximately $828,114.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $32.81, for a total transaction of $72,182.00. The disclosure for this sale can be found here. Insiders have sold 30,451 shares of company stock valued at $1,090,844 in the last quarter. Insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

A number of hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets raised its position in Corcept Therapeutics by 199.0% during the first quarter. BNP Paribas Financial Markets now owns 211,592 shares of the biotechnology company’s stock valued at $5,330,000 after buying an additional 140,815 shares during the period. Quantedge Capital Pte Ltd acquired a new position in shares of Corcept Therapeutics in the 4th quarter valued at about $8,066,000. Oak Ridge Investments LLC purchased a new stake in shares of Corcept Therapeutics in the second quarter worth approximately $984,000. Norges Bank acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth approximately $24,603,000. Finally, State Board of Administration of Florida Retirement System grew its position in Corcept Therapeutics by 190.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 66,866 shares of the biotechnology company’s stock valued at $1,684,000 after purchasing an additional 43,809 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

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.