Corcept Therapeutics (NASDAQ:CORT) Releases Earnings Results, Beats Expectations By $0.04 EPS

Corcept Therapeutics (NASDAQ:CORT) announced its earnings results on Wednesday. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.04, Briefing.com reports. Corcept Therapeutics had a net margin of 22.38% and a return on equity of 24.19%. The company had revenue of $146.80 million during the quarter, compared to analysts’ expectations of $141.19 million. During the same quarter in the previous year, the business posted $0.14 earnings per share. Corcept Therapeutics’s quarterly revenue was up 38.9% on a year-over-year basis. Corcept Therapeutics updated its FY 2024 guidance to EPS.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $24.52 on Friday. The business has a 50 day moving average of $23.97 and a 200-day moving average of $25.23. The company has a market capitalization of $2.55 billion, a P/E ratio of 23.13 and a beta of 0.50. Corcept Therapeutics has a 1 year low of $20.84 and a 1 year high of $34.28.

Insider Buying and Selling

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,443 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $26.00, for a total value of $141,518.00. Following the completion of the transaction, the insider now directly owns 7,314 shares in the company, valued at approximately $190,164. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $23.59, for a total value of $51,898.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Joseph Douglas Lyon sold 5,443 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $26.00, for a total value of $141,518.00. Following the completion of the sale, the insider now owns 7,314 shares in the company, valued at $190,164. The disclosure for this sale can be found here. Insiders have sold a total of 81,583 shares of company stock worth $2,070,596 in the last ninety days. Company insiders own 20.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CORT shares. StockNews.com cut shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Friday. Truist Financial upped their price objective on shares of Corcept Therapeutics from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, HC Wainwright boosted their price target on Corcept Therapeutics from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $40.10.

About Corcept Therapeutics

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.