Corcept Therapeutics Incorporated (NASDAQ:CORT) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Corcept Therapeutics now has a consensus analyst rating of “Moderate Buy”, based on coverage from eight brokerages. The average 12-month price target is about $88.83.
• Recent analyst updates were mixed but generally positive, including upgrades from Truist Financial and price-target boosts from Canaccord Genuity, Piper Sandler, and UBS.
• The company’s latest quarterly results missed expectations, with EPS of -$0.30 versus an expected -$0.11 and revenue of $164.9 million versus forecasts of $185.83 million. Despite the miss, revenue still rose 4.9% year over year.

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) have earned a consensus rating of "Moderate Buy" from the eight brokerages that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $88.8333.

CORT has been the subject of several recent research reports. Truist Financial raised shares of Corcept Therapeutics to a "strong-buy" rating in a report on Monday, June 15th. Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Piper Sandler raised their price target on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Zacks Research raised shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. Finally, UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, May 28th.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $90.21 on Friday. The firm has a market cap of $9.68 billion, a price-to-earnings ratio of 257.75 and a beta of 0.47. Corcept Therapeutics has a 52 week low of $28.66 and a 52 week high of $91.00. The business's 50-day moving average price is $67.96 and its 200 day moving average price is $52.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. During the same period in the previous year, the firm posted $0.17 earnings per share. The company's revenue was up 4.9% compared to the same quarter last year. Equities analysts expect that Corcept Therapeutics will post 0.53 EPS for the current year.

Insider Activity

In related news, Director David L. Mahoney sold 20,000 shares of Corcept Therapeutics stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total value of $1,690,600.00. Following the completion of the transaction, the director owned 26,147 shares in the company, valued at $2,210,205.91. The trade was a 43.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James N. Wilson sold 10,000 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $83.20, for a total value of $832,000.00. Following the completion of the transaction, the director directly owned 1,094,543 shares of the company's stock, valued at $91,065,977.60. The trade was a 0.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 275,000 shares of company stock worth $18,836,100. 20.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pathstone Holdings LLC increased its holdings in Corcept Therapeutics by 0.8% in the 3rd 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 in the last quarter. State of Wyoming raised its position in Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock worth $33,000 after acquiring an additional 186 shares during the period. Gould Capital LLC lifted its holdings in Corcept Therapeutics by 50.0% during the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock valued at $50,000 after purchasing an additional 200 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in Corcept Therapeutics by 3.7% during the fourth quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company's stock valued at $240,000 after purchasing an additional 247 shares in the last quarter. Finally, Evergreen Capital Management LLC grew its position in shares of Corcept Therapeutics by 3.0% in the fourth quarter. Evergreen Capital Management LLC now owns 8,609 shares of the biotechnology company's stock valued at $300,000 after purchasing an additional 248 shares during the period. Hedge funds and other institutional investors 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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