Corcept Therapeutics Incorporated (NASDAQ:CORT) Stock Has Average Price Target of $138.17

Corcept Therapeutics Incorporated (NASDAQ:CORT) has received an average recommendation of “Moderate Buy” from the eight brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $138.17.

A number of brokerages have issued reports on CORT. Piper Sandler reaffirmed an “overweight” rating and issued a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. HC Wainwright reiterated a “buy” rating and set a $165.00 target price on shares of Corcept Therapeutics in a research note on Friday, September 18th. Zacks Research raised shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 28th. Truist Financial began coverage on shares of Corcept Therapeutics in a research report on Tuesday, August 18th. They set a “buy” rating and a $164.00 price target for the company. Finally, Weiss Ratings upgraded shares of Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, September 24th.

Corcept Therapeutics Price Performance

Shares of NASDAQ:CORT opened at $112.10 on Tuesday. The firm has a market capitalization of $12.12 billion, a PE ratio of 262.29 and a beta of 0.40. The business has a 50-day moving average of $115.61 and a two-hundred day moving average of $87.54. Corcept Therapeutics has a 12 month low of $28.66 and a 12 month high of $126.38.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34. The company had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 earnings per share. As a group, research analysts anticipate that Corcept Therapeutics will post 1.83 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Roberto Vieira sold 58,333 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $110.76, for a total transaction of $6,460,963.08. Following the sale, the insider directly owned 4,242 shares in the company, valued at approximately $469,843.92. This represents a 93.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director David L. Mahoney sold 103,606 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $118.25, for a total value of $12,251,409.50. Following the completion of the sale, the director owned 1,133,539 shares in the company, valued at $134,040,986.75. The trade was a 8.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 454,748 shares of company stock worth $52,786,210. Corporate insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Corcept Therapeutics during the second quarter worth $27,000. State of Wyoming lifted its holdings in shares of Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 186 shares during the last quarter. IFP Advisors Inc boosted its position in shares of Corcept Therapeutics by 568.4% in the 2nd quarter. IFP Advisors Inc now owns 909 shares of the biotechnology company’s stock valued at $79,000 after purchasing an additional 773 shares during the period. Freestone Grove Partners LP acquired a new position in shares of Corcept Therapeutics in the 2nd quarter valued at $87,000. Finally, Gould Capital LLC increased its stake in Corcept Therapeutics by 66.7% in the 1st quarter. Gould Capital LLC now owns 1,000 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 400 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated (NASDAQ:CORT) is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept’s primary marketed product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.