Corcept Therapeutics Incorporated (NASDAQ:CORT) Given Average Recommendation of "Buy" by Brokerages

Key Points

• Corcept Therapeutics has received an average recommendation of "Buy" from five analysts, with a consensus 1-year price target of $134.50.
• The company's latest quarterly earnings report showed $0.29 earnings per share, beating estimates, but revenue at $194.43 million fell short of expectations.
• Recent insider selling activity includes Sean Maduck selling 35,007 shares and Joseph Douglas Lyon selling 5,823 shares, indicating a significant decrease in their ownership stakes.

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) have been assigned a consensus rating of "Buy" from the five analysts that are covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $134.50.

A number of analysts have recently weighed in on CORT shares. Truist Financial set a $135.00 target price on Corcept Therapeutics in a research note on Tuesday, May 6th. Canaccord Genuity Group lowered their target price on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Piper Sandler lowered their target price 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. HC Wainwright lowered their target price on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT opened at $72.80 on Thursday. The stock has a market cap of $7.67 billion, a PE ratio of 64.43 and a beta of 0.20. The business has a fifty day moving average of $71.11 and a two-hundred day moving average of $69.12. Corcept Therapeutics has a 52-week low of $33.34 and a 52-week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. The company had revenue of $194.43 million during the quarter, compared to analysts' expectations of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%. The business's revenue was up 18.7% on a year-over-year basis. During the same period last year, the business earned $0.32 earnings per share. Analysts predict that Corcept Therapeutics will post 1.36 earnings per share for the current year.

Insider Transactions at Corcept Therapeutics

In related news, insider Sean Maduck sold 35,007 shares of Corcept Therapeutics stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $67.79, for a total value of $2,373,124.53. Following the completion of the sale, the insider directly owned 7,681 shares in the company, valued at $520,694.99. This trade represents a 82.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph Douglas Lyon sold 5,823 shares of Corcept Therapeutics stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $67.51, for a total value of $393,110.73. Following the completion of the sale, the insider owned 10,066 shares of the company's stock, valued at approximately $679,555.66. The trade was a 36.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 281,829 shares of company stock valued at $20,734,413. 20.80% of the stock is currently owned by insiders.

Institutional Trading of Corcept Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio increased its position in Corcept Therapeutics by 269.9% in the fourth quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock worth $144,000 after purchasing an additional 2,086 shares during the period. Victory Capital Management Inc. grew its position in shares of Corcept Therapeutics by 24.5% during the 1st quarter. Victory Capital Management Inc. now owns 93,418 shares of the biotechnology company's stock worth $10,670,000 after buying an additional 18,389 shares during the period. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Corcept Therapeutics during the 1st quarter worth about $331,000. Robeco Institutional Asset Management B.V. acquired a new position in shares of Corcept Therapeutics during the 1st quarter worth about $355,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Corcept Therapeutics during the 1st quarter worth about $384,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.