Corcept Therapeutics (NASDAQ:CORT) Price Target Cut to $121.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler has cut its price target for Corcept Therapeutics from $131.00 to $121.00, maintaining an "overweight" rating which suggests an expected upside of 80.14% based on the stock's closing price.
• Corcept Therapeutics reported a 19.33% net margin and an 18.7% year-over-year revenue increase in its most recent quarterly earnings, despite revenue of $194.43 million falling short of estimates.
• Insider selling activities included significant sales by CEO Joseph K. Belanoff and insider Joseph Douglas Lyon, indicating a 27.81% decrease in ownership for Lyon after a recent transaction.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) had its target price reduced by equities researchers at Piper Sandler from $131.00 to $121.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the biotechnology company's stock. Piper Sandler's price target points to a potential upside of 80.14% from the stock's previous close.

Several other research firms have also recently issued reports on CORT. Truist Financial set a $135.00 price objective on Corcept Therapeutics in a research report on Tuesday, May 6th. HC Wainwright lowered their price objective on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Finally, Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $135.75.

Corcept Therapeutics Trading Down 3.9%

NASDAQ:CORT opened at $67.17 on Friday. The firm has a market cap of $7.12 billion, a PE ratio of 57.91 and a beta of 0.15. The stock has a fifty day moving average price of $71.81 and a 200 day moving average price of $68.21. Corcept Therapeutics has a 12-month low of $32.33 and a 12-month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. The company had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. Corcept Therapeutics'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. Equities analysts forecast that Corcept Therapeutics will post 1.36 EPS for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider Joseph Douglas Lyon sold 3,877 shares of Corcept Therapeutics stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $73.48, for a total transaction of $284,881.96. Following the sale, the insider owned 10,066 shares in the company, valued at approximately $739,649.68. The trade was a 27.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph K. Belanoff sold 615 shares of Corcept Therapeutics stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $73.69, for a total value of $45,319.35. Following the sale, the chief executive officer owned 2,901,370 shares in the company, valued at $213,801,955.30. This trade represents a 0.02% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 173,038 shares of company stock valued at $13,237,621. 20.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several institutional investors have recently added to or reduced their stakes in CORT. Canada Pension Plan Investment Board acquired a new position in Corcept Therapeutics in the 4th quarter valued at about $40,000. National Bank of Canada FI acquired a new position in Corcept Therapeutics in the 4th quarter valued at about $42,000. Brooklyn Investment Group increased its position in Corcept Therapeutics by 99.5% in the 1st quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock valued at $43,000 after acquiring an additional 186 shares during the period. USA Financial Formulas acquired a new position in Corcept Therapeutics in the 2nd quarter valued at about $56,000. Finally, Gen Wealth Partners Inc acquired a new position in Corcept Therapeutics in the 4th quarter valued at about $67,000. Institutional investors and hedge funds 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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