Corcept Therapeutics (NASDAQ:CORT) Given New $140.00 Price Target at Canaccord Genuity Group

Key Points

• Corcept Therapeutics' price target was raised by Canaccord Genuity Group from $137.00 to $140.00, suggesting a potential upside of 90.96% from the previous closing price.
• The company reported a 29% increase in earnings per share for the last quarter, exceeding estimates, while quarterly revenue rose 18.7% year-over-year.
• Insider trading activity has been notable, with directors selling over 220,000 shares in the last ninety days, indicating significant insider transactions.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) had its price objective boosted by research analysts at Canaccord Genuity Group from $137.00 to $140.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. Canaccord Genuity Group's price target would indicate a potential upside of 90.96% from the company's previous close.

A number of other equities analysts also recently issued reports on the company. Piper Sandler cut 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. Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Five research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $135.25.

Corcept Therapeutics Stock Performance

CORT traded up $1.58 during trading on Wednesday, hitting $73.31. 82,470 shares of the stock were exchanged, compared to its average volume of 1,268,163. Corcept Therapeutics has a 1 year low of $34.87 and a 1 year high of $117.33. The firm has a 50 day simple moving average of $70.58 and a 200 day simple moving average of $69.47. The firm has a market cap of $7.72 billion, a price-to-earnings ratio of 65.03 and a beta of 0.29.

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, topping the consensus estimate of $0.23 by $0.06. The firm had revenue of $194.43 million for 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 firm's revenue for the quarter was up 18.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Corcept Therapeutics will post 1.36 earnings per share for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $72.30, for a total transaction of $159,060.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $70.25, for a total transaction of $351,250.00. Following the transaction, the insider owned 10,066 shares of the company's stock, valued at $707,136.50. The trade was a 33.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 220,015 shares of company stock valued at $15,413,309. Insiders own 20.50% of the company's stock.

Institutional Investors Weigh In On Corcept Therapeutics

A number of hedge funds have recently modified their holdings of CORT. Parallel Advisors LLC lifted its stake in shares of Corcept Therapeutics by 3.7% during the 1st quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock valued at $453,729,000 after buying an additional 142,784 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Corcept Therapeutics by 2.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,136,510 shares of the biotechnology company's stock valued at $243,708,000 after purchasing an additional 57,942 shares during the last quarter. Invesco Ltd. grew its holdings in Corcept Therapeutics by 76.5% during the 1st quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock valued at $142,345,000 after purchasing an additional 540,101 shares during the last quarter. Northern Trust Corp grew its holdings in Corcept Therapeutics by 0.6% during the 1st quarter. Northern Trust Corp now owns 1,022,001 shares of the biotechnology company's stock valued at $116,733,000 after purchasing an additional 6,486 shares during the last quarter. Finally, Norges Bank bought a new position in Corcept Therapeutics during the 2nd quarter valued at about $72,048,000. 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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