Corcept Therapeutics (NASDAQ:CORT) Trading 7.9% Higher – What’s Next?

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s stock price was up 7.9% during trading on Tuesday . The company traded as high as $59.48 and last traded at $59.67. Approximately 304,432 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 699,583 shares. The stock had previously closed at $55.31.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CORT. StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Corcept Therapeutics in a report on Thursday, October 31st. Truist Financial boosted their price target on Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Finally, Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Stock Up 5.5 %

The firm has a 50-day simple moving average of $54.85 and a 200 day simple moving average of $45.44. The company has a market capitalization of $6.53 billion, a PE ratio of 49.44 and a beta of 0.56. 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 announced its earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.27 by $0.14. The business had revenue of $182.55 million for the quarter, compared to the consensus estimate of $171.97 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company’s revenue was up 47.7% on a year-over-year basis. During the same period last year, the business posted $0.28 EPS. On average, research analysts predict that Corcept Therapeutics Incorporated will post 1.35 EPS for the current fiscal year.

Insider Activity

In other news, insider Joseph Douglas Lyon sold 1,411 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $56.72, for a total value of $80,031.92. Following the completion of the transaction, the insider now owns 8,494 shares in the company, valued at approximately $481,779.68. This trade represents a 14.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Guyer sold 6,606 shares of the company’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 value of $323,495.82. Following the sale, the insider now directly owns 5,796 shares in the company, valued at approximately $283,830.12. This represents a 53.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,011 shares of company stock worth $1,951,268. 20.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corcept Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in shares of Corcept Therapeutics by 4.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,676,335 shares of the biotechnology company’s stock worth $86,952,000 after purchasing an additional 108,658 shares during the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in Corcept Therapeutics in the second quarter valued at $205,000. Hsbc Holdings PLC boosted its holdings in shares of Corcept Therapeutics by 34.5% during the second quarter. Hsbc Holdings PLC now owns 108,366 shares of the biotechnology company’s stock valued at $3,479,000 after acquiring an additional 27,785 shares during the period. Intech Investment Management LLC bought a new position in shares of Corcept Therapeutics during the second quarter worth about $468,000. Finally, Public Sector Pension Investment Board increased its holdings in shares of Corcept Therapeutics by 8.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 201,595 shares of the biotechnology company’s stock worth $6,550,000 after acquiring an additional 15,661 shares during the period. Institutional investors and hedge funds 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.