Corcept Therapeutics (NASDAQ:CORT) PT Raised to $40.00

Corcept Therapeutics (NASDAQ:CORT) had its price objective upped by HC Wainwright from $38.00 to $40.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price objective points to a potential upside of 63.13% from the stock’s current price. HC Wainwright also issued estimates for Corcept Therapeutics’ Q2 2024 earnings at $0.21 EPS, Q3 2024 earnings at $0.22 EPS, Q4 2024 earnings at $0.27 EPS, FY2024 earnings at $0.95 EPS, Q1 2025 earnings at $0.29 EPS, Q2 2025 earnings at $0.33 EPS, Q3 2025 earnings at $0.36 EPS and Q4 2025 earnings at $0.41 EPS.

Several other equities research analysts have also recently issued reports on the stock. Truist Financial raised their price objective on shares of Corcept Therapeutics from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday. StockNews.com raised shares of Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $40.10.

Corcept Therapeutics Stock Performance

Shares of CORT stock traded down $0.54 during trading hours on Thursday, reaching $24.52. The company had a trading volume of 1,698,297 shares, compared to its average volume of 1,197,694. Corcept Therapeutics has a 12-month low of $20.84 and a 12-month high of $34.28. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of 23.13 and a beta of 0.50. The stock has a fifty day moving average of $23.97 and a 200-day moving average of $25.23.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Wednesday, May 1st. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.04. Corcept Therapeutics had a return on equity of 24.19% and a net margin of 22.38%. The company had revenue of $146.80 million during the quarter, compared to analysts’ expectations of $141.19 million. During the same period in the prior year, the business earned $0.14 EPS. The firm’s quarterly revenue was up 38.9% on a year-over-year basis. On average, analysts forecast that Corcept Therapeutics will post 0.98 EPS for the current year.

Insiders Place Their Bets

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $23.59, for a total transaction of $51,898.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $23.59, for a total transaction of $51,898.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Joseph Douglas Lyon sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $26.00, for a total transaction of $26,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,774 shares of the company’s stock, valued at approximately $176,124. The disclosure for this sale can be found here. Insiders sold a total of 81,583 shares of company stock valued at $2,070,596 over the last 90 days. 20.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FinTrust Capital Advisors LLC purchased a new stake in shares of Corcept Therapeutics during the 3rd quarter worth $27,000. FNY Investment Advisers LLC acquired a new stake in Corcept Therapeutics in the fourth quarter valued at $32,000. Gladius Capital Management LP acquired a new position in shares of Corcept Therapeutics during the 4th quarter worth about $36,000. GAMMA Investing LLC increased its holdings in shares of Corcept Therapeutics by 90.6% in the 1st quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 579 shares during the last quarter. Finally, Planned Solutions Inc. acquired a new stake in shares of Corcept Therapeutics during the 4th quarter worth about $45,000. 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.