Corcept Therapeutics (NASDAQ:CORT) Issues Quarterly Earnings Results, Beats Expectations 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) issued its quarterly earnings data on Thursday. The biotechnology company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.06, Zacks reports. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%. The firm had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. During the same period in the prior year, the business earned $0.32 EPS. The firm's revenue was up 18.7% on a year-over-year basis. Corcept Therapeutics updated its FY 2025 guidance to EPS.

Corcept Therapeutics Trading Down 0.3%

CORT stock traded down $0.20 during mid-day trading on Wednesday, hitting $70.25. The stock had a trading volume of 249,727 shares, compared to its average volume of 1,368,389. Corcept Therapeutics has a 1-year low of $33.34 and a 1-year high of $117.33. The company has a fifty day moving average of $71.35 and a 200 day moving average of $68.66. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 62.26 and a beta of 0.20.

Insider Buying and Selling

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $82.86, for a total value of $3,314,400.00. Following the transaction, the chief executive officer directly owned 2,901,985 shares of the company's stock, valued at $240,458,477.10. This represents a 1.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sean Maduck sold 35,007 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $67.79, for a total value of $2,373,124.53. Following the completion of the transaction, the insider directly owned 7,681 shares in the company, valued at approximately $520,694.99. The trade was a 82.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 246,808 shares of company stock worth $18,220,428. Insiders own 20.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CORT. Amundi acquired a new position in shares of Corcept Therapeutics during the 1st quarter valued at about $450,000. NewEdge Advisors LLC acquired a new position in shares of Corcept Therapeutics during the 1st quarter valued at about $518,000. Finally, Royal Bank of Canada increased its holdings 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 valued at $1,757,000 after acquiring an additional 2,444 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CORT has been the subject of several recent analyst reports. Truist Financial set a $135.00 price target on Corcept Therapeutics in a research note on Tuesday, May 6th. 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 report 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 report on Friday, August 1st. Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Piper Sandler reduced their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Corcept Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $134.50.

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.