Canaccord Genuity Group Forecasts Strong Price Appreciation for Corcept Therapeutics (NASDAQ:CORT) Stock

Corcept Therapeutics (NASDAQ:CORT) had its price target upped by Canaccord Genuity Group from $130.00 to $142.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

A number of other research analysts have also recently issued reports on the stock. Piper Sandler lifted their target price on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. Truist Financial increased their target price on Corcept Therapeutics from $76.00 to $150.00 and gave the stock a “buy” rating in a report on Monday. HC Wainwright upped their target price on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday. Finally, StockNews.com lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $143.25.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $79.37 on Tuesday. The business has a 50 day simple moving average of $64.52 and a 200 day simple moving average of $56.03. Corcept Therapeutics has a one year low of $20.84 and a one year high of $117.33. The company has a market capitalization of $8.37 billion, a PE ratio of 62.99 and a beta of 0.14. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). The firm had revenue of $181.89 million during the quarter, compared to analyst estimates of $200.12 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. On average, sell-side analysts forecast that Corcept Therapeutics will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 421 shares of Corcept Therapeutics stock in a transaction on Monday, March 24th. The shares were sold at an average price of $60.58, for a total transaction of $25,504.18. Following the completion of the sale, the insider now owns 9,009 shares of the company’s stock, valued at approximately $545,765.22. The trade was a 4.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph K. Belanoff sold 2,924 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.91, for a total transaction of $178,100.84. Following the sale, the chief executive officer now owns 3,019,411 shares of the company’s stock, valued at $183,912,324.01. The trade was a 0.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 163,124 shares of company stock valued at $15,074,318. 20.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC bought a new position in shares of Corcept Therapeutics during the fourth quarter worth $27,000. Canada Pension Plan Investment Board acquired a new position in Corcept Therapeutics in the fourth quarter valued at about $40,000. National Bank of Canada FI acquired a new position in Corcept Therapeutics in the fourth quarter valued at about $42,000. USA Financial Formulas bought a new stake in shares of Corcept Therapeutics in the fourth quarter worth about $54,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth about $58,000. Institutional investors 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.