Corcept Therapeutics (NASDAQ:CORT) Price Target Raised to $140.00 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 - Free Report) had its price target hoisted by Canaccord Genuity Group from $137.00 to $140.00 in a research report released on Wednesday, MarketBeat Ratings reports. Canaccord Genuity Group currently has a buy rating on the biotechnology company's stock.

Several other equities analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Piper Sandler decreased their target price on shares of 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 investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Corcept Therapeutics presently has an average rating of "Buy" and a consensus target price of $135.25.

Corcept Therapeutics Trading Down 2.4%

Shares of NASDAQ CORT traded down $1.74 during midday trading on Wednesday, reaching $71.14. The company's stock had a trading volume of 238,108 shares, compared to its average volume of 1,258,743. Corcept Therapeutics has a fifty-two week low of $37.82 and a fifty-two week high of $117.33. The stock has a market capitalization of $7.50 billion, a price-to-earnings ratio of 62.96 and a beta of 0.29. The stock has a 50 day simple moving average of $70.62 and a 200-day simple moving average of $69.76.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted 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. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The company had revenue of $194.43 million for the quarter, compared to the consensus estimate of $199.40 million. During the same period last year, the company earned $0.32 earnings per share. The firm's revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Corcept Therapeutics will post 1.36 EPS for the current year.

Insider Activity

In other news, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $68.53, for a total value of $2,741,200.00. Following the transaction, the chief executive officer owned 2,861,370 shares in the company, valued at approximately $196,089,686.10. The trade was a 1.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 5,823 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $67.51, for a total transaction of $393,110.73. Following the completion of the transaction, the insider owned 10,066 shares in the company, valued at $679,555.66. This trade represents a 36.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 222,215 shares of company stock worth $15,572,699 over the last quarter. Company insiders own 20.50% of the company's stock.

Institutional Trading of Corcept Therapeutics

Several large investors have recently modified their holdings of the stock. Osaic Holdings Inc. grew its position in shares of Corcept Therapeutics by 37.1% during the 2nd quarter. Osaic Holdings Inc. now owns 16,773 shares of the biotechnology company's stock worth $1,320,000 after buying an additional 4,541 shares during the period. Thrivent Financial for Lutherans grew its position in shares of Corcept Therapeutics by 1.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 69,399 shares of the biotechnology company's stock worth $5,094,000 after buying an additional 905 shares during the period. Coppell Advisory Solutions LLC grew its position in shares of Corcept Therapeutics by 82.6% during the 2nd quarter. Coppell Advisory Solutions LLC now owns 31,615 shares of the biotechnology company's stock worth $2,315,000 after buying an additional 14,305 shares during the period. Kestra Investment Management LLC grew its position in shares of Corcept Therapeutics by 20.9% during the 2nd quarter. Kestra Investment Management LLC now owns 3,040 shares of the biotechnology company's stock worth $223,000 after buying an additional 526 shares during the period. Finally, Castleark Management LLC acquired a new stake in shares of Corcept Therapeutics during the 2nd quarter worth approximately $2,711,000. Institutional investors and hedge funds own 93.61% of the company's stock.

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.