Corcept Therapeutics (NASDAQ:CORT) Sets New 52-Week High – Here’s What Happened

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $91.00 and last traded at $90.6850, with a volume of 364981 shares. The stock had previously closed at $86.95.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CORT. Weiss Ratings restated a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. HC Wainwright boosted their price objective on Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a report on Thursday, May 28th. Finally, Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $88.83.

Corcept Therapeutics Price Performance

The company has a market cap of $9.69 billion, a PE ratio of 257.95 and a beta of 0.50. The business has a 50 day moving average of $65.34 and a 200 day moving average of $52.15.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data 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 return on equity of 7.40% and a net margin of 6.14%.The company had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. During the same quarter last year, the company posted $0.17 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. Sell-side analysts forecast that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In other news, Director David L. Mahoney sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total value of $1,690,600.00. Following the completion of the transaction, the director owned 26,147 shares in the company, valued at $2,210,205.91. This trade represents a 43.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sean Maduck sold 75,000 shares of Corcept Therapeutics stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $65.59, for a total transaction of $4,919,250.00. Following the transaction, the insider directly owned 8,977 shares of the company’s stock, valued at approximately $588,801.43. This trade represents a 89.31% 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 have sold 275,000 shares of company stock worth $18,836,100. 20.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. First Trust Advisors LP grew its stake in shares of Corcept Therapeutics by 213.5% during the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock worth $87,609,000 after acquiring an additional 1,480,059 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Corcept Therapeutics by 546.9% in the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock valued at $125,264,000 after purchasing an additional 1,274,215 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Corcept Therapeutics by 38.0% in the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock valued at $92,892,000 after purchasing an additional 734,646 shares during the last quarter. Norges Bank purchased a new position in shares of Corcept Therapeutics during the fourth quarter worth $24,213,000. Finally, JPMorgan Chase & Co. grew its position in Corcept Therapeutics by 223.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock valued at $70,632,000 after acquiring an additional 587,053 shares in the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

About Corcept Therapeutics

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.