Corcept Therapeutics' (CORT) "Overweight" Rating Reiterated at Piper Sandler

Key Points

• Piper Sandler reiterated its Overweight rating on Corcept Therapeutics and raised its price target from $165 to $173, implying 118.35% upside from the prior close.
• Corcept reported quarterly EPS of $1.01, beating the $0.79 consensus, while revenue rose 64% year over year to $340.47 million.
• Shares fell 3.3% on Wednesday to $79.23; company insiders have sold about 349,000 shares worth $40.7 million over the past 90 days.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report)'s stock had its "overweight" rating restated by investment analysts at Piper Sandler in a research note issued on Wednesday, Benzinga reports. They presently have a $173.00 target price on the biotechnology company's stock, up from their previous target price of $165.00. Piper Sandler's target price would indicate a potential upside of 118.35% from the company's previous close.

CORT has been the subject of a number of other reports. Truist Financial started coverage on shares of Corcept Therapeutics in a report on Tuesday, August 18th. They issued a "buy" rating and a $164.00 price target for the company. Zacks Research downgraded shares of Corcept Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 27th. Weiss Ratings upgraded shares of Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, September 24th. Canaccord Genuity Group upped their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Finally, HC Wainwright reiterated a "buy" rating and issued a $165.00 target price on shares of Corcept Therapeutics in a research note on Friday, September 18th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Corcept Therapeutics has an average rating of "Moderate Buy" and an average target price of $139.50.

Corcept Therapeutics Stock Down 3.3%

Shares of CORT stock traded down $2.70 during trading hours on Wednesday, reaching $79.23. 1,113,619 shares of the company's stock were exchanged, compared to its average volume of 1,470,422. Corcept Therapeutics has a fifty-two week low of $28.66 and a fifty-two week high of $126.38. The stock has a market capitalization of $8.56 billion, a P/E ratio of 188.79 and a beta of 0.54. The business has a fifty day moving average price of $110.31 and a 200-day moving average price of $75.06.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The biotechnology company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.22. The company had revenue of $340.47 million during the quarter, compared to analysts' expectations of $336.37 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%. Corcept Therapeutics's revenue for the quarter was up 64.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.16 earnings per share. As a group, research analysts expect that Corcept Therapeutics will post 1.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Corcept Therapeutics news, insider Sean Maduck sold 24,587 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $116.28, for a total transaction of $2,858,976.36. Following the completion of the transaction, the insider directly owned 9,938 shares in the company, valued at $1,155,590.64. This represents a 71.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Joseph Lyon sold 9,190 shares of Corcept Therapeutics stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $116.13, for a total value of $1,067,234.70. Following the transaction, the insider directly owned 5,683 shares of the company's stock, valued at approximately $659,966.79. The trade was a 61.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 349,203 shares of company stock valued at $40,686,076. 20.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Corcept Therapeutics in the 2nd quarter worth approximately $27,000. State of Wyoming increased its holdings in Corcept Therapeutics by 29.5% during the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock valued at $33,000 after purchasing an additional 186 shares in the last quarter. Provenance Wealth Advisors LLC acquired a new stake in Corcept Therapeutics during the 3rd quarter valued at $38,000. Gould Capital LLC raised its position in Corcept Therapeutics by 66.7% in the 1st quarter. Gould Capital LLC now owns 1,000 shares of the biotechnology company's stock valued at $40,000 after purchasing an additional 400 shares during the last quarter. Finally, IFP Advisors Inc boosted its stake in Corcept Therapeutics by 568.4% in the second quarter. IFP Advisors Inc now owns 909 shares of the biotechnology company's stock worth $79,000 after purchasing an additional 773 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Corcept Therapeutics

Here are the key news stories impacting Corcept Therapeutics this week:

• Positive Sentiment: Third-quarter revenue rose 64% year over year to $340.5 million, while earnings were $1.01 per share—above analyst expectations. The results reflect robust recent growth. Third-quarter earnings results
• Neutral Sentiment: Corcept is targeting $3 billion to $5 billion in Cushing’s syndrome revenue by 2030. That longer-term ambition could represent meaningful upside, but depends on future execution and market adoption. Cushing’s revenue target and FDA decision
• Neutral Sentiment: The FDA is expected to decide on relacorilant on December 17, making the drug a near-term catalyst. The outcome remains uncertain. Relacorilant FDA decision
• Negative Sentiment: Despite beating earnings estimates, Corcept’s shares fell as investors reacted to guidance that disappointed the market. The weaker outlook appears to have outweighed the strong quarterly results. Shares fall on guidance

About Corcept Therapeutics

Corcept Therapeutics Incorporated NASDAQ: CORT is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company's research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept's primary marketed product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing's syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.

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