Corcept Therapeutics (NASDAQ:CORT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Corcept Therapeutics (NASDAQ:CORT) had its price target lifted by equities researchers at Canaccord Genuity Group from $78.00 to $130.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 84.78% from the stock’s previous close.

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

Corcept Therapeutics Stock Performance

NASDAQ CORT traded up $8.83 during trading hours on Thursday, reaching $70.36. The stock had a trading volume of 1,091,457 shares, compared to its average volume of 811,769. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. Corcept Therapeutics has a 52-week low of $20.84 and a 52-week high of $69.85. The stock has a fifty day moving average of $55.55 and a 200 day moving average of $46.50. The stock has a market cap of $7.37 billion, a P/E ratio of 55.57 and a beta of 0.56.

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

Insiders Place Their Bets

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $50.54, for a total transaction of $111,188.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider William Guyer sold 6,606 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $48.97, for a total value of $323,495.82. Following the transaction, the insider now directly owns 5,796 shares in the company, valued at approximately $283,830.12. This trade represents a 53.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,011 shares of company stock valued at $1,951,268 over the last quarter. Company insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new stake in Corcept Therapeutics during the third quarter worth $25,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Corcept Therapeutics in the third quarter worth $36,000. USA Financial Formulas acquired a new position in shares of Corcept Therapeutics in the fourth quarter worth $54,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Corcept Therapeutics in the fourth quarter worth $58,000. Finally, GAMMA Investing LLC raised its holdings in shares of Corcept Therapeutics by 85.4% in the third quarter. GAMMA Investing LLC now owns 2,490 shares of the biotechnology company’s stock worth $115,000 after acquiring an additional 1,147 shares during the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

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.