Corcept Therapeutics (NASDAQ:CORT) Posts Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Corcept Therapeutics reported a quarterly earnings per share (EPS) of $0.29, exceeding analysts' expectations of $0.23 by $0.06.
• The company achieved revenue of $194.43 million for the quarter, a 18.7% increase compared to the same quarter last year, although it fell short of the consensus estimate of $199.40 million.
• Despite the positive earnings report, several analysts have downgraded their price targets for Corcept, with Canaccord Genuity lowering their target from $142.00 to $137.00 while maintaining a "buy" rating.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) announced its quarterly earnings results on Thursday. The biotechnology company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.06, Zacks reports. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 19.86%. The firm had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. During the same quarter last year, the firm earned $0.32 EPS. The firm's revenue for the quarter was up 18.7% compared to the same quarter last year. Corcept Therapeutics updated its FY 2025 guidance to EPS.

Corcept Therapeutics Price Performance

NASDAQ CORT traded up $1.83 on Friday, hitting $69.00. The stock had a trading volume of 2,107,375 shares, compared to its average volume of 832,519. The business's fifty day moving average price is $71.62 and its 200 day moving average price is $68.33. Corcept Therapeutics has a 52-week low of $32.33 and a 52-week high of $117.33. The stock has a market cap of $7.32 billion, a price-to-earnings ratio of 61.06 and a beta of 0.20.

Insiders Place Their Bets

In other Corcept Therapeutics news, Director David L. Mahoney sold 27,352 shares of Corcept Therapeutics stock in a transaction on Friday, May 16th. The shares were sold at an average price of $74.23, for a total value of $2,030,338.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $78.04, for a total transaction of $390,200.00. Following the sale, the insider directly owned 9,009 shares in the company, valued at $703,062.36. This trade represents a 35.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 173,038 shares of company stock valued at $13,237,621. 20.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of large investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in shares of Corcept Therapeutics by 18.9% during the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company's stock worth $1,757,000 after acquiring an additional 2,444 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Corcept Therapeutics during the 1st quarter worth about $518,000. Finally, Amundi purchased a new stake in shares of Corcept Therapeutics during the 1st quarter worth about $450,000. 93.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on CORT shares. Canaccord Genuity Group lowered their price target on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a report on Friday. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, May 6th. Piper Sandler reduced their target price on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday. Finally, HC Wainwright reduced their target price on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $134.50.

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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