Corcept Therapeutics (NASDAQ:CORT) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Corcept Therapeutics (NASDAQ:CORT) in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $38.00 price objective on the biotechnology company’s stock.

A number of other research analysts have also commented on the company. StockNews.com lowered Corcept Therapeutics from a strong-buy rating to a buy rating in a research report on Friday, May 3rd. Piper Sandler lifted their target price on Corcept Therapeutics from $35.00 to $38.00 and gave the company an overweight rating in a research note on Tuesday. HC Wainwright lifted their target price on Corcept Therapeutics from $40.00 to $45.00 and gave the company a buy rating in a research note on Tuesday. Finally, Truist Financial reissued a buy rating and issued a $65.00 target price on shares of Corcept Therapeutics in a research note on Monday, June 17th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Corcept Therapeutics presently has a consensus rating of Buy and an average price target of $46.70.

Corcept Therapeutics Price Performance

Shares of CORT opened at $35.30 on Tuesday. The company has a market capitalization of $3.68 billion, a P/E ratio of 33.02 and a beta of 0.44. Corcept Therapeutics has a one year low of $20.84 and a one year high of $39.75. The business’s 50 day simple moving average is $32.05 and its 200-day simple moving average is $26.86.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Monday, July 29th. The biotechnology company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.23 by $0.09. The business had revenue of $163.80 million for the quarter, compared to the consensus estimate of $155.14 million. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. Corcept Therapeutics’s revenue was up 39.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 EPS. On average, sell-side analysts anticipate that Corcept Therapeutics will post 1.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $30.21, for a total transaction of $66,462.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $32.49, for a total transaction of $162,450.00. Following the transaction, the insider now directly owns 9,290 shares in the company, valued at $301,832.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $30.21, for a total value of $66,462.00. The disclosure for this sale can be found here. Insiders sold a total of 82,627 shares of company stock valued at $2,374,186 over the last three months. Company insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of CORT. Park Place Capital Corp acquired a new position in shares of Corcept Therapeutics during the 2nd quarter worth approximately $32,000. Atwood & Palmer Inc. acquired a new position in shares of Corcept Therapeutics in the second quarter valued at $35,000. Gladius Capital Management LP bought a new position in shares of Corcept Therapeutics in the fourth quarter valued at about $36,000. GAMMA Investing LLC lifted its stake in shares of Corcept Therapeutics by 90.6% during the 1st quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock worth $31,000 after buying an additional 579 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Corcept Therapeutics during the 4th quarter worth about $47,000. Institutional investors own 93.61% of the company’s stock.

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.