Corcept Therapeutics (NASDAQ:CORT) Given New $131.00 Price Target at Piper Sandler

Corcept Therapeutics (NASDAQ:CORT) had its price target raised by Piper Sandler from $128.00 to $131.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s target price indicates a potential upside of 56.31% from the stock’s current price.

A number of other brokerages have also weighed in on CORT. Truist Financial increased their price objective on Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a report on Monday. HC Wainwright upped their price target on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the company a “buy” rating in a report on Monday. StockNews.com downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Finally, Canaccord Genuity Group boosted their price objective on Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $143.25.

Corcept Therapeutics Stock Down 8.8 %

Shares of CORT stock opened at $83.81 on Thursday. The stock’s fifty day moving average price is $64.18 and its 200 day moving average price is $55.87. Corcept Therapeutics has a 1-year low of $20.84 and a 1-year high of $117.33. The company has a market cap of $8.84 billion, a price-to-earnings ratio of 66.52 and a beta of 0.14. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business had revenue of $181.89 million during the quarter, compared to analyst estimates of $200.12 million. On average, research analysts expect that Corcept Therapeutics will post 1.36 earnings per share for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $68.08, for a total value of $149,776.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Joseph K. Belanoff sold 35,102 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $94.72, for a total value of $3,324,861.44. Following the sale, the chief executive officer now owns 2,982,335 shares of the company’s stock, valued at approximately $282,486,771.20. This trade represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 163,124 shares of company stock valued at $15,074,318 in the last ninety days. 20.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its stake in Corcept Therapeutics by 4.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 50,996 shares of the biotechnology company’s stock valued at $2,360,000 after purchasing an additional 2,216 shares during the last quarter. FMR LLC raised its position in shares of Corcept Therapeutics by 24.6% in the third quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock valued at $63,122,000 after buying an additional 269,074 shares during the last quarter. Stifel Financial Corp lifted its stake in shares of Corcept Therapeutics by 30.0% in the third quarter. Stifel Financial Corp now owns 88,967 shares of the biotechnology company’s stock worth $4,117,000 after buying an additional 20,546 shares in the last quarter. State Street Corp boosted its position in Corcept Therapeutics by 0.6% during the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock worth $162,871,000 after acquiring an additional 19,893 shares during the last quarter. Finally, EP Wealth Advisors LLC purchased a new stake in Corcept Therapeutics during the 3rd quarter valued at about $302,000. Hedge funds and other 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.