Corcept Therapeutics (NASDAQ:CORT) Price Target Increased to $67.00 by Analysts at Piper Sandler

Corcept Therapeutics (NASDAQ:CORT) had its target price lifted by Piper Sandler from $38.00 to $67.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

CORT has been the topic of several other research reports. Canaccord Genuity Group reaffirmed a buy rating and set a $38.00 price target on shares of Corcept Therapeutics in a report on Tuesday, July 30th. HC Wainwright raised their price objective on shares of Corcept Therapeutics from $40.00 to $45.00 and gave the company a buy rating in a research report on Tuesday, July 30th. Finally, Truist Financial reaffirmed a buy rating and issued a $65.00 target price on shares of Corcept Therapeutics in a report on Monday, June 17th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of $53.75.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock opened at $42.25 on Wednesday. The stock has a market cap of $4.40 billion, a P/E ratio of 39.86 and a beta of 0.45. The stock’s fifty day moving average is $35.38 and its 200 day moving average is $29.99. Corcept Therapeutics has a one year low of $20.84 and a one year high of $43.74.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Monday, July 29th. The biotechnology company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.09. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The business had revenue of $163.80 million during the quarter, compared to analysts’ expectations of $155.14 million. During the same quarter in the prior year, the business posted $0.25 earnings per share. The business’s quarterly revenue was up 39.1% on a year-over-year basis. Analysts predict that Corcept Therapeutics will post 1.1 EPS for the current year.

Insiders Place Their Bets

In other news, insider William Guyer sold 10,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total transaction of $353,000.00. Following the sale, the insider now owns 6,039 shares in the company, valued at $213,176.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Corcept Therapeutics news, insider William Guyer sold 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total transaction of $353,000.00. Following the completion of the transaction, the insider now owns 6,039 shares of the company’s stock, valued at approximately $213,176.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $32.81, for a total value of $72,182.00. The disclosure for this sale can be found here. Insiders sold 30,451 shares of company stock worth $1,090,844 in the last three months. 20.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets increased its position in Corcept Therapeutics by 199.0% in the first quarter. BNP Paribas Financial Markets now owns 211,592 shares of the biotechnology company’s stock worth $5,330,000 after purchasing an additional 140,815 shares during the last quarter. Quantedge Capital Pte Ltd bought a new stake in shares of Corcept Therapeutics in the 4th quarter worth about $8,066,000. Oak Ridge Investments LLC bought a new stake in shares of Corcept Therapeutics in the 2nd quarter worth about $984,000. Norges Bank purchased a new stake in shares of Corcept Therapeutics during the 4th quarter valued at about $24,603,000. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of Corcept Therapeutics by 190.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 66,866 shares of the biotechnology company’s stock valued at $1,684,000 after acquiring an additional 43,809 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.