Corcept Therapeutics (NASDAQ:CORT) Upgraded to “Strong-Buy” at Truist Financial

Corcept Therapeutics (NASDAQ:CORT) was upgraded by equities research analysts at Truist Financial to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Several other research analysts have also recently issued reports on CORT. HC Wainwright increased their price objective on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Piper Sandler upped their price target on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Canaccord Genuity Group raised their price objective on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Finally, UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $88.83.

Corcept Therapeutics Trading Up 0.3%

NASDAQ CORT opened at $83.12 on Monday. The stock has a market capitalization of $8.92 billion, a price-to-earnings ratio of 237.49 and a beta of 0.50. The business’s 50 day moving average is $56.51 and its two-hundred day moving average is $52.10. Corcept Therapeutics has a 12-month low of $28.66 and a 12-month high of $91.00.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS 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 during the quarter, compared to analyst estimates of $185.83 million. During the same period in the prior year, the business earned $0.17 earnings per share. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities analysts forecast that Corcept Therapeutics will post 0.62 earnings per share for the current fiscal year.

Insider Activity at Corcept Therapeutics

In other news, CFO Atabak Mokari sold 40,000 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $70.00, for a total value of $2,800,000.00. Following the completion of the transaction, the chief financial officer owned 15,257 shares in the company, valued at $1,067,990. This trade represents a 72.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Sean Maduck sold 25,000 shares of Corcept Therapeutics stock in a transaction on Monday, June 1st. The stock was sold at an average price of $70.21, for a total value of $1,755,250.00. Following the transaction, the insider directly owned 8,977 shares of the company’s stock, valued at $630,275.17. This trade represents a 73.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 242,965 shares of company stock valued at $14,802,964 in the last 90 days. 20.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Torren Management LLC purchased a new stake in shares of Corcept Therapeutics in the fourth quarter valued at about $25,000. Advisory Services Network LLC purchased a new position in shares of Corcept Therapeutics during the 3rd quarter worth approximately $25,000. Clearstead Advisors LLC raised its position in shares of Corcept Therapeutics by 163.6% during the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 193 shares during the last quarter. Atlas Capital Advisors Inc. purchased a new stake in Corcept Therapeutics in the 4th quarter valued at approximately $31,000. Finally, State of Wyoming lifted its stake in Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after buying an additional 186 shares in the last quarter. 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.