Corcept Therapeutics (NASDAQ:CORT) Shares Gap Up – Still a Buy?

Corcept Therapeutics Incorporated (NASDAQ:CORT) gapped up prior to trading on Wednesday . The stock had previously closed at $60.36, but opened at $64.70. Corcept Therapeutics shares last traded at $64.8620, with a volume of 265,717 shares trading hands.

Wall Street Analysts Forecast Growth

CORT has been the subject of several recent analyst reports. Canaccord Genuity Group raised their price objective on shares of Corcept Therapeutics from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. UBS Group upgraded shares of Corcept Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $44.00 to $72.00 in a research note on Wednesday, May 13th. HC Wainwright raised their price objective on shares of Corcept Therapeutics from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Piper Sandler raised their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Finally, Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.83.

Corcept Therapeutics Stock Performance

The company’s fifty day simple moving average is $45.91 and its two-hundred day simple moving average is $52.26. The stock has a market capitalization of $6.95 billion, a PE ratio of 184.91 and a beta of 0.36.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business had revenue of $164.90 million for the quarter, compared to analysts’ expectations of $185.83 million. During the same quarter last year, the business posted $0.17 earnings per share. The business’s revenue was up 4.9% compared to the same quarter last year. Sell-side analysts forecast that Corcept Therapeutics Incorporated will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $51.83, for a total transaction of $1,036,600.00. Following the completion of the transaction, the insider directly owned 2,231 shares in the company, valued at approximately $115,632.73. This trade represents a 89.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 26,198 shares of the firm’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the transaction, the chief executive officer owned 2,918,326 shares of the company’s stock, valued at $146,120,582.82. This trade represents a 0.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 86,198 shares of company stock worth $3,887,769. 20.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE grew its holdings in shares of Corcept Therapeutics by 33.6% during the first quarter. Bank of America Corp DE now owns 111,736 shares of the biotechnology company’s stock worth $4,504,000 after buying an additional 28,078 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Corcept Therapeutics during the first quarter worth about $2,790,000. Janus Henderson Group PLC grew its holdings in shares of Corcept Therapeutics by 7.1% during the first quarter. Janus Henderson Group PLC now owns 164,074 shares of the biotechnology company’s stock worth $6,614,000 after buying an additional 10,817 shares in the last quarter. ADAR1 Capital Management LLC purchased a new stake in shares of Corcept Therapeutics during the first quarter worth about $322,000. Finally, Amundi purchased a new stake in shares of Corcept Therapeutics during the first quarter worth about $459,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.