Corcept Therapeutics (NASDAQ:CORT) Sets New 12-Month High After Analyst Upgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s share price reached a new 52-week high during mid-day trading on Thursday after Canaccord Genuity Group raised their price target on the stock from $78.00 to $130.00. Canaccord Genuity Group currently has a buy rating on the stock. Corcept Therapeutics traded as high as $67.00 and last traded at $66.00, with a volume of 138085 shares traded. The stock had previously closed at $61.53.

Several other research analysts have also issued reports on the stock. Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Finally, StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $88.25.

Insiders Place Their Bets

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $59.88, for a total transaction of $131,736.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William Guyer sold 3,394 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $48.97, for a total value of $166,204.18. Following the transaction, the insider now owns 5,796 shares in the company, valued at approximately $283,830.12. This trade represents a 36.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,405 shares of company stock worth $1,627,772. Insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in Corcept Therapeutics during the third quarter worth about $25,000. Kestra Investment Management LLC bought a new position in shares of Corcept Therapeutics during the 4th quarter worth approximately $27,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Corcept Therapeutics in the 3rd quarter worth approximately $36,000. USA Financial Formulas bought a new position in shares of Corcept Therapeutics in the fourth quarter valued at approximately $54,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Corcept Therapeutics during the fourth quarter valued at approximately $58,000. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Stock Down 4.3 %

The stock has a fifty day moving average of $56.02 and a 200 day moving average of $46.91. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The firm has a market capitalization of $7.01 billion, a P/E ratio of 53.11 and a beta of 0.56.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results 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 for the quarter, compared to analysts’ expectations of $171.97 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business’s revenue for the quarter was up 47.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.28 EPS. On average, research analysts anticipate that Corcept Therapeutics Incorporated will post 1.35 EPS for the current fiscal year.

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.