Corcept Therapeutics (NASDAQ:CORT) Sets New 1-Year High – Time to Buy?

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $61.70 and last traded at $61.56, with a volume of 140141 shares changing hands. The stock had previously closed at $59.67.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CORT. StockNews.com cut shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Monday, November 25th. Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. Truist Financial upped their price target on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, September 30th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Finally, Piper Sandler upped their price target on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, September 18th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Stock Performance

The company has a market cap of $6.44 billion, a PE ratio of 47.36 and a beta of 0.51. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The stock’s 50-day simple moving average is $50.82 and its 200 day simple moving average is $39.61.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.14. The company had revenue of $182.55 million during the quarter, compared to the consensus estimate of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. Corcept Therapeutics’s quarterly revenue was up 47.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.28 EPS. As a group, equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.35 EPS for the current year.

Insider Activity

In other news, insider Gary Charles Robb sold 11,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total value 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. This trade represents a 32.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider William Guyer sold 6,606 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $48.97, for a total transaction of $323,495.82. Following the completion of the transaction, the insider now owns 5,796 shares of the company’s stock, valued at $283,830.12. This represents a 53.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,611 shares of company stock worth $1,210,548 in the last 90 days. 20.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of large investors have recently added to or reduced their stakes in CORT. Cetera Advisors LLC acquired a new stake in Corcept Therapeutics in the 1st quarter valued at about $340,000. CWM LLC grew its position in shares of Corcept Therapeutics by 46.9% during the second quarter. CWM LLC now owns 4,946 shares of the biotechnology company’s stock worth $161,000 after buying an additional 1,579 shares in the last quarter. QRG Capital Management Inc. grew its position in shares of Corcept Therapeutics by 11.9% during the second quarter. QRG Capital Management Inc. now owns 83,511 shares of the biotechnology company’s stock worth $2,713,000 after buying an additional 8,891 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Corcept Therapeutics by 19.8% during the second quarter. SG Americas Securities LLC now owns 8,184 shares of the biotechnology company’s stock worth $266,000 after buying an additional 1,353 shares in the last quarter. Finally, Sound Income Strategies LLC boosted its holdings in Corcept Therapeutics by 27.3% in the second quarter. Sound Income Strategies LLC now owns 6,315 shares of the biotechnology company’s stock worth $205,000 after purchasing an additional 1,356 shares during the period. 93.61% of the stock is owned by institutional investors and hedge funds.

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.