Canaccord Genuity Group Issues Positive Forecast for Corcept Therapeutics (NASDAQ:CORT) Stock Price

Key Points

• Canaccord Genuity Group raised its price target on Corcept Therapeutics to $135 from $110 and kept a buy rating, implying nearly 95% upside from the current stock price.
• Other analysts have also turned more positive on CORT, with several firms upgrading ratings or lifting targets. The stock now has a consensus rating of Moderate Buy and an average price target of $88.83.
• Corcept’s latest quarterly results were mixed: it posted a loss of $0.30 per share and revenue of $164.9 million, missing estimates, even though revenue still rose 4.9% year over year.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) had its price target lifted by equities research analysts at Canaccord Genuity Group from $110.00 to $135.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. Canaccord Genuity Group's price objective would indicate a potential upside of 94.61% from the stock's current price.

A number of other brokerages also recently issued reports on CORT. Wolfe Research raised Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. Piper Sandler lifted their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Zacks Research upgraded shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. HC Wainwright lifted their price objective on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Truist Financial upgraded shares of Corcept Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $88.83.

Corcept Therapeutics Price Performance

NASDAQ CORT traded up $2.72 during midday trading on Thursday, hitting $69.37. 470,807 shares of the company traded hands, compared to its average volume of 1,785,351. The company has a market cap of $7.45 billion, a PE ratio of 197.38 and a beta of 0.36. The company's 50-day simple moving average is $46.60 and its 200-day simple moving average is $52.22. Corcept Therapeutics has a 52 week low of $28.66 and a 52 week high of $91.00.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The firm's revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business posted $0.17 EPS. On average, research analysts predict that Corcept Therapeutics will post 0.52 earnings per share for the current year.

Insider Transactions at Corcept Therapeutics

In other news, Director G Leonard Baker, Jr. acquired 100,000 shares of the firm's stock in a transaction on Tuesday, March 17th. The stock was acquired at an average price of $33.14 per share, for a total transaction of $3,314,000.00. Following the completion of the transaction, the director owned 1,146,631 shares in the company, valued at approximately $37,999,351.34. The trade was a 9.55% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Guyer sold 20,000 shares of the company's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $51.83, for a total transaction of $1,036,600.00. Following the completion of the transaction, the insider owned 2,231 shares of the company's stock, valued at approximately $115,632.73. This trade represents a 89.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 86,198 shares of company stock worth $3,887,769 over the last 90 days. 20.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Pathstone Holdings LLC raised its position in shares of Corcept Therapeutics by 0.8% in the third quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company's stock worth $1,497,000 after acquiring an additional 144 shares during the period. State of Wyoming increased its holdings in Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock worth $33,000 after acquiring an additional 186 shares in the last quarter. Clearstead Advisors LLC increased its holdings in Corcept Therapeutics by 163.6% in the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company's stock worth $26,000 after acquiring an additional 193 shares in the last quarter. Gould Capital LLC increased its holdings in Corcept Therapeutics by 50.0% in the 3rd quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock worth $50,000 after acquiring an additional 200 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in Corcept Therapeutics by 3.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company's stock worth $240,000 after acquiring an additional 247 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

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