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

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares hit a new 52-week high during mid-day trading on Thursday . The company 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.

Analyst Ratings Changes

A number of equities analysts have issued reports on CORT shares. Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. StockNews.com cut Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. Finally, HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Price Performance

The business has a fifty day simple moving average of $55.55 and a two-hundred day simple moving average of $46.50. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The stock has a market cap of $7.26 billion, a PE ratio of 55.02 and a beta of 0.56.

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

Insider Activity at Corcept Therapeutics

In other news, insider William Guyer sold 6,606 shares of the company’s stock in a transaction on Friday, November 1st. The stock was 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 represents a 53.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $50.54, for a total transaction of $111,188.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,011 shares of company stock valued at $1,951,268. Insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

A number of hedge funds have recently bought and sold shares of the business. M&G PLC purchased a new position in shares of Corcept Therapeutics during the 3rd quarter worth approximately $11,173,000. Empowered Funds LLC acquired a new stake in Corcept Therapeutics during the 3rd quarter worth $1,784,000. Victory Capital Management Inc. raised its stake in Corcept Therapeutics by 49.2% during the 3rd quarter. Victory Capital Management Inc. now owns 41,823 shares of the biotechnology company’s stock worth $1,936,000 after acquiring an additional 13,787 shares in the last quarter. State Street Corp raised its stake in Corcept Therapeutics by 0.6% during the 3rd 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 in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Corcept Therapeutics by 20.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company’s stock worth $39,781,000 after acquiring an additional 143,507 shares in the last quarter. 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.