Canaccord Genuity Group Reiterates Buy Rating for Corcept Therapeutics (NASDAQ:CORT)

Key Points

• Canaccord Genuity Group reaffirms a "buy" rating for Corcept Therapeutics, setting a price target of $140.00, indicating a potential 66.98% upside from the current stock price.
• Piper Sandler recently reduced its price target on Corcept from $131.00 to $121.00, maintaining an "overweight" rating, contrasting with the consensus rating of "buy" from other analysts.
• In insider trading news, executives sold over 5,000 shares each at around $67.50, leading to significant decreases in their ownership stakes, with insiders owning 20.80% of the company

Corcept Therapeutics (NASDAQ:CORT - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Canaccord Genuity Group in a research note issued on Thursday,Benzinga reports. They currently have a $140.00 price target on the biotechnology company's stock. Canaccord Genuity Group's target price points to a potential upside of 66.98% from the company's current price.

Separately, Piper Sandler decreased their price target on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $135.25.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock opened at $83.84 on Thursday. The business has a 50-day moving average of $71.74 and a 200-day moving average of $70.75. The company has a market capitalization of $8.83 billion, a PE ratio of 74.20 and a beta of 0.29. Corcept Therapeutics has a 1-year low of $42.01 and a 1-year high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.06. The company had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The company's revenue was up 18.7% on a year-over-year basis. During the same period last year, the firm earned $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, equities analysts expect that Corcept Therapeutics will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,823 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.51, for a total value of $393,110.73. Following the transaction, the insider owned 10,066 shares of the company's stock, valued at $679,555.66. This trade represents a 36.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sean Maduck sold 35,007 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the completion of the transaction, the insider directly owned 7,681 shares in the company, valued at $520,694.99. This represents a 82.01% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 222,215 shares of company stock worth $15,572,699. Insiders own 20.80% of the company's stock.

Institutional Investors Weigh In On Corcept Therapeutics

A number of hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. raised its holdings in shares of Corcept Therapeutics by 37.1% during the second quarter. Osaic Holdings Inc. now owns 16,773 shares of the biotechnology company's stock valued at $1,320,000 after buying an additional 4,541 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Corcept Therapeutics by 1.3% during the second quarter. Thrivent Financial for Lutherans now owns 69,399 shares of the biotechnology company's stock valued at $5,094,000 after buying an additional 905 shares during the last quarter. Coppell Advisory Solutions LLC raised its holdings in shares of Corcept Therapeutics by 82.6% during the second quarter. Coppell Advisory Solutions LLC now owns 31,615 shares of the biotechnology company's stock valued at $2,315,000 after buying an additional 14,305 shares during the last quarter. Kestra Investment Management LLC raised its holdings in shares of Corcept Therapeutics by 20.9% during the second quarter. Kestra Investment Management LLC now owns 3,040 shares of the biotechnology company's stock valued at $223,000 after buying an additional 526 shares during the last quarter. Finally, Castleark Management LLC bought a new stake in shares of Corcept Therapeutics during the second quarter valued at approximately $2,711,000. Institutional investors 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.

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