Corcept Therapeutics (NASDAQ:CORT) Reaches New 52-Week High Following Analyst Upgrade

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) reached a new 52-week high during trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $130.00 to $142.00. Canaccord Genuity Group currently has a buy rating on the stock. Corcept Therapeutics traded as high as $117.33 and last traded at $114.22, with a volume of 14315431 shares. The stock had previously closed at $54.63.

Several other equities research analysts have also commented on CORT. HC Wainwright upped their price target on Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday. Piper Sandler boosted their target price on Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. Truist Financial raised their price target on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a report on Monday. Finally, StockNews.com downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $130.00.

Insider Activity

In related news, CEO Joseph K. Belanoff sold 35,102 shares of the firm’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $94.72, for a total transaction of $3,324,861.44. Following the completion of the sale, the chief executive officer now directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Maduck sold 18,303 shares of Corcept Therapeutics stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.69, for a total transaction of $1,110,809.07. Following the sale, the insider now directly owns 85,622 shares in the company, valued at $5,196,399.18. This trade represents a 17.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 163,124 shares of company stock worth $15,074,318. 20.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Black Diamond Financial LLC increased its holdings in Corcept Therapeutics by 4.0% during the 4th quarter. Black Diamond Financial LLC now owns 5,200 shares of the biotechnology company’s stock worth $262,000 after purchasing an additional 200 shares during the last quarter. Quadrant Capital Group LLC grew its position in shares of Corcept Therapeutics by 9.5% during the fourth quarter. Quadrant Capital Group LLC now owns 2,969 shares of the biotechnology company’s stock worth $150,000 after buying an additional 257 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in shares of Corcept Therapeutics by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company’s stock worth $426,000 after buying an additional 268 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Corcept Therapeutics by 1.1% in the fourth quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company’s stock worth $1,374,000 after buying an additional 289 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in Corcept Therapeutics by 102.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company’s stock valued at $71,000 after acquiring an additional 313 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Stock Down 8.8 %

The stock has a market capitalization of $8.84 billion, a P/E ratio of 66.52 and a beta of 0.14. 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’s 50 day simple moving average is $64.18 and its 200 day simple moving average is $55.87.

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

Corcept Therapeutics Company Profile

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.