Corcept Therapeutics (NASDAQ:CORT) Shares Up 6% – Time to Buy?

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s share price rose 6% on Thursday . The company traded as high as $96.55 and last traded at $96.3520. 341,384 shares traded hands during trading, a decline of 79% from the average session volume of 1,589,304 shares. The stock had previously closed at $90.88.

Wall Street Analysts Forecast Growth

CORT has been the subject of a number of analyst reports. Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a research report on Monday, June 15th. Canaccord Genuity Group increased their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Wolfe Research upgraded Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Finally, UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Corcept Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $88.83.

Corcept Therapeutics Price Performance

The stock has a fifty day moving average price of $78.85 and a two-hundred day moving average price of $53.77. The company has a market cap of $10.30 billion, a P/E ratio of 274.64 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The business had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $0.17 earnings per share. As a group, analysts forecast that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Insider Buying and Selling

In related news, Director James N. Wilson sold 10,000 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total value of $832,000.00. Following the completion of the sale, the director owned 1,094,543 shares of the company’s stock, valued at $91,065,977.60. This represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David L. Mahoney sold 20,000 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the completion of the transaction, the director owned 26,147 shares of the company’s stock, valued at $2,210,205.91. This represents a 43.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 300,000 shares of company stock valued at $22,088,050. Company insiders own 20.70% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Corcept Therapeutics by 111.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company’s stock valued at $19,404,000 after acquiring an additional 268,155 shares during the period. Avidity Partners Management LP acquired a new stake in Corcept Therapeutics in the fourth quarter worth approximately $766,000. Norges Bank bought a new position in Corcept Therapeutics during the 4th quarter valued at $24,213,000. Jefferies Financial Group Inc. bought a new position in Corcept Therapeutics during the 4th quarter valued at $2,021,000. Finally, BOKF NA acquired a new position in shares of Corcept Therapeutics during the 4th quarter valued at $1,061,000. 93.61% of the stock is owned by institutional investors and hedge funds.

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.