Corcept Therapeutics (NASDAQ:CORT) Hits New 1-Year High – What’s Next?

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) reached a new 52-week high on Thursday . The stock traded as high as $62.46 and last traded at $62.50, with a volume of 624163 shares traded. The stock had previously closed at $59.03.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CORT shares. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. Truist Financial boosted their price objective on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock 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 note on Thursday, October 31st. Finally, Sandler O’Neill restated a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $65.25.

Corcept Therapeutics Stock Performance

The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The stock’s fifty day moving average is $54.85 and its two-hundred day moving average is $45.44. The firm has a market capitalization of $6.53 billion, a price-to-earnings ratio of 49.44 and a beta of 0.56.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm had revenue of $182.55 million for the quarter, compared to the consensus estimate of $171.97 million. During the same quarter in the previous year, the business earned $0.28 earnings per share. The business’s revenue was up 47.7% compared to the same quarter last year. On average, analysts predict that Corcept Therapeutics Incorporated will post 1.35 earnings per share for the current year.

Insider Transactions at Corcept Therapeutics

In other news, insider William Guyer sold 6,606 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $48.97, for a total transaction of $323,495.82. Following the transaction, the insider now directly owns 5,796 shares of the company’s stock, valued at approximately $283,830.12. This trade represents a 53.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph Douglas Lyon sold 1,411 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.72, for a total transaction of $80,031.92. Following the completion of the sale, the insider now owns 8,494 shares of the company’s stock, valued at approximately $481,779.68. The trade was a 14.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,011 shares of company stock worth $1,951,268 over the last quarter. Company insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

A number of large investors have recently bought and sold shares of CORT. M&G PLC bought a new stake in shares of Corcept Therapeutics during the 3rd quarter worth approximately $11,173,000. Empowered Funds LLC acquired a new position in Corcept Therapeutics during the third quarter valued at approximately $1,784,000. Victory Capital Management Inc. lifted its stake in Corcept Therapeutics by 49.2% during the third quarter. Victory Capital Management Inc. now owns 41,823 shares of the biotechnology company’s stock worth $1,936,000 after purchasing an additional 13,787 shares during the last quarter. State Street Corp boosted its holdings in shares of Corcept Therapeutics by 0.6% in the 3rd quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock valued at $162,871,000 after purchasing an additional 19,893 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Corcept Therapeutics by 20.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company’s stock valued at $39,781,000 after purchasing an additional 143,507 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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.