Corcept Therapeutics (NASDAQ:CORT) Given New $121.00 Price Target 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 price objective dropped by analysts at Piper Sandler from $131.00 to $121.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the biotechnology company's stock. Piper Sandler's price target suggests a potential upside of 71.05% from the stock's previous close.

A number of other research firms also recently issued reports on CORT. Wall Street Zen downgraded Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Truist Financial set a $135.00 price target on Corcept Therapeutics in a research note on Tuesday, May 6th. Finally, HC Wainwright decreased their price target on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Corcept Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $134.50.

Corcept Therapeutics Stock Performance

NASDAQ:CORT traded down $1.03 during mid-day trading on Friday, hitting $70.74. The company had a trading volume of 414,227 shares, compared to its average volume of 1,373,712. Corcept Therapeutics has a fifty-two week low of $33.34 and a fifty-two week high of $117.33. The business's fifty day moving average is $71.48 and its two-hundred day moving average is $68.65. The firm has a market cap of $7.50 billion, a P/E ratio of 62.63 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.06. The firm had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%. The company's quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 earnings per share. Equities analysts forecast that Corcept Therapeutics will post 1.36 earnings per share for the current year.

Insider Activity at Corcept Therapeutics

In other news, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $78.04, for a total transaction of $390,200.00. Following the completion of the transaction, the insider directly owned 9,009 shares in the company, valued at approximately $703,062.36. The trade was a 35.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William Guyer sold 32,262 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $74.17, for a total value of $2,392,872.54. Following the transaction, the insider owned 5,487 shares of the company's stock, valued at $406,970.79. This represents a 85.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 165,978 shares of company stock worth $12,712,992 in the last three months. 20.50% of the stock is owned by company insiders.

Institutional Trading of Corcept Therapeutics

Several hedge funds have recently added to or reduced their stakes in CORT. Brooklyn Investment Group raised its holdings 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 in the last quarter. Huntington National Bank increased its stake in shares of Corcept Therapeutics by 54.0% in the 2nd quarter. Huntington National Bank now owns 479 shares of the biotechnology company's stock valued at $35,000 after purchasing an additional 168 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after purchasing an additional 313 shares during the last quarter. Covestor Ltd increased its stake in shares of Corcept Therapeutics by 1,741.2% in the 1st quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock valued at $72,000 after purchasing an additional 592 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in shares of Corcept Therapeutics by 1,150.8% in the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock valued at $84,000 after purchasing an additional 679 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

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.