Corcept Therapeutics Incorporated (NASDAQ:CORT) Receives Consensus Rating of "Buy" from 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 earned an average recommendation of "Buy" from the five brokerages that are presently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $134.50.

A number of equities research analysts have issued reports on the company. Truist Financial set a $135.00 price target on Corcept Therapeutics in a research note on Tuesday, May 6th. Canaccord Genuity Group cut their price objective on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a research report on Friday, August 1st. HC Wainwright cut their price objective on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, Piper Sandler dropped their price target on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research report on Friday, August 1st.

Insider Buying and Selling

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 completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the completion of the sale, the chief executive officer directly owned 2,901,985 shares of the company's stock, valued at approximately $240,458,477.10. The trade was a 1.36% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 222,215 shares of company stock worth $16,311,201. Insiders own 20.50% of the company's stock.

Institutional Trading of Corcept Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of CORT. Norges Bank bought a new stake in shares of Corcept Therapeutics during the second quarter valued at approximately $72,048,000. TD Asset Management Inc bought a new stake in shares of Corcept Therapeutics during the second quarter valued at approximately $60,179,000. Epoch Investment Partners Inc. bought a new stake in shares of Corcept Therapeutics during the second quarter valued at approximately $56,181,000. Jupiter Asset Management Ltd. raised its stake in shares of Corcept Therapeutics by 8,176.0% during the first quarter. Jupiter Asset Management Ltd. now owns 603,903 shares of the biotechnology company's stock valued at $68,978,000 after acquiring an additional 596,606 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Corcept Therapeutics by 76.5% during the first quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock valued at $142,345,000 after acquiring an additional 540,101 shares in the last quarter. Institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded up $0.25 during midday trading on Thursday, hitting $72.00. 141,696 shares of the stock traded hands, compared to its average volume of 1,331,346. Corcept Therapeutics has a one year low of $33.34 and a one year high of $117.33. The firm has a 50-day moving average of $71.22 and a two-hundred day moving average of $69.32. The firm has a market capitalization of $7.59 billion, a P/E ratio of 63.71 and a beta of 0.20.

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