Corcept Therapeutics (NASDAQ:CORT) Stock Price Expected to Rise, Piper Sandler Analyst Says

Corcept Therapeutics (NASDAQ:CORT) had its price target boosted by investment analysts at Piper Sandler from $128.00 to $131.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s price objective would suggest a potential upside of 56.31% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. StockNews.com cut Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Truist Financial increased their price target on Corcept Therapeutics from $76.00 to $150.00 and gave the stock a “buy” rating in a report on Monday. Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a report on Tuesday. Finally, HC Wainwright increased their target price on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.25.

Corcept Therapeutics Stock Down 8.8 %

NASDAQ CORT opened at $83.81 on Thursday. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $117.33. The business’s fifty day simple moving average is $64.18 and its 200-day simple moving average is $55.87. The firm has a market cap of $8.84 billion, a PE ratio of 66.52 and a beta of 0.14.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm had revenue of $181.89 million for the quarter, compared to analysts’ expectations of $200.12 million. As a group, equities analysts anticipate that Corcept Therapeutics will post 1.36 earnings per share for the current year.

Insider Activity

In other news, insider Sean Maduck sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $100.54, for a total value of $10,054,000.00. Following the completion of the transaction, the insider now owns 85,622 shares of the company’s stock, valued at approximately $8,608,435.88. This trade represents a 53.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joseph Douglas Lyon sold 421 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $60.58, for a total transaction of $25,504.18. Following the completion of the transaction, the insider now owns 9,009 shares of the company’s stock, valued at approximately $545,765.22. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 163,124 shares of company stock valued at $15,074,318. 20.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Corcept Therapeutics

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Corcept Therapeutics by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 10,115,624 shares of the biotechnology company’s stock valued at $509,726,000 after purchasing an additional 109,294 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Corcept Therapeutics by 0.4% during the fourth quarter. Parallel Advisors LLC now owns 3,829,632 shares of the biotechnology company’s stock worth $192,975,000 after buying an additional 15,908 shares during the period. State Street Corp raised its holdings in Corcept Therapeutics by 0.6% in the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock valued at $162,871,000 after acquiring an additional 19,893 shares in the last quarter. Geode Capital Management LLC lifted its stake in Corcept Therapeutics by 4.4% in the third quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock worth $110,108,000 after acquiring an additional 99,470 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Corcept Therapeutics by 4.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,644,942 shares of the biotechnology company’s stock valued at $82,889,000 after purchasing an additional 64,321 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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.