HC Wainwright Increases Corcept Therapeutics (NASDAQ:CORT) Price Target to $80.00

Corcept Therapeutics (NASDAQ:CORT) had its target price increased by HC Wainwright from $45.00 to $80.00 in a research note published on Friday, MarketBeat reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

CORT has been the topic of several other reports. Truist Financial raised their price target on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $38.00 price target on shares of Corcept Therapeutics in a research note on Tuesday, July 30th. Finally, Piper Sandler raised their price target on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $65.25.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $49.11 on Friday. Corcept Therapeutics has a 12-month low of $20.84 and a 12-month high of $50.07. The stock has a market capitalization of $5.11 billion, a P/E ratio of 46.33 and a beta of 0.46. The firm’s 50-day moving average is $39.95 and its two-hundred day moving average is $33.21.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Monday, July 29th. The biotechnology company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.09. Corcept Therapeutics had a net margin of 21.93% and a return on equity of 23.66%. The company had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $155.14 million. During the same period last year, the company earned $0.25 EPS. The firm’s revenue for the quarter was up 39.1% compared to the same quarter last year. As a group, analysts forecast that Corcept Therapeutics will post 1.12 EPS for the current year.

Insider Buying and Selling

In related news, insider Gary Charles Robb sold 11,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total value of $509,080.00. Following the sale, the insider now directly owns 22,772 shares of the company’s stock, valued at approximately $1,053,888.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider William Guyer sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the transaction, the insider now owns 6,039 shares in the company, valued at approximately $213,176.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Gary Charles Robb sold 11,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the transaction, the insider now owns 22,772 shares in the company, valued at $1,053,888.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,251 shares of company stock valued at $1,365,292. Insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets raised its holdings 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 valued at $5,330,000 after buying an additional 140,815 shares during the period. Oak Ridge Investments LLC purchased a new stake in shares of Corcept Therapeutics during the second quarter valued at approximately $984,000. State Board of Administration of Florida Retirement System raised its stake in shares of Corcept Therapeutics by 190.0% during the first 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 purchasing an additional 43,809 shares during the period. US Bancorp DE raised its stake in shares of Corcept Therapeutics by 6,252.3% during the first quarter. US Bancorp DE now owns 25,282 shares of the biotechnology company’s stock valued at $637,000 after purchasing an additional 24,884 shares during the period. Finally, Milestone Asset Management LLC raised its stake in shares of Corcept Therapeutics by 47.4% during the second quarter. Milestone Asset Management LLC now owns 51,599 shares of the biotechnology company’s stock valued at $1,676,000 after purchasing an additional 16,593 shares during the period. Hedge funds and other institutional investors own 93.61% of the company’s stock.

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.