Canaccord Genuity Group Lowers Corcept Therapeutics (NASDAQ:CORT) Price Target to $137.00

Key Points

• Analysts at Canaccord Genuity Group have reduced their price target for Corcept Therapeutics from $142.00 to $137.00, maintaining a "buy" rating, which suggests a potential upside of 98.57% from its current stock price.
• Corcept Therapeutics reported a $0.29 EPS for the last quarter, exceeding analysts' expectations, although revenue fell short of estimates at $194.43 million.
• Recent insider trading includes CEO Joseph K. Belanoff selling shares worth approximately $45,319, while corporate insiders collectively sold 173,038 shares during the last quarter.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) had its price target decreased by investment analysts at Canaccord Genuity Group from $142.00 to $137.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. Canaccord Genuity Group's price target would suggest a potential upside of 94.46% from the stock's current price.

Several other equities research analysts have also issued reports on the stock. HC Wainwright lowered 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 note on Tuesday, May 6th. Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Piper Sandler lowered their price target on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday. Finally, Truist Financial set a $135.00 price objective on Corcept Therapeutics in a research report on Tuesday, May 6th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Corcept Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $134.50.

Corcept Therapeutics Stock Down 1.8%

Shares of CORT traded down $1.32 during mid-day trading on Friday, reaching $70.45. The company had a trading volume of 744,413 shares, compared to its average volume of 1,376,065. The stock has a market capitalization of $7.47 billion, a P/E ratio of 62.35 and a beta of 0.20. Corcept Therapeutics has a 52-week low of $33.34 and a 52-week high of $117.33. The stock has a 50 day moving average of $71.48 and a two-hundred day moving average of $68.65.

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

Insider Buying and Selling at Corcept Therapeutics

In related news, insider William Guyer sold 32,262 shares of the stock in a transaction 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 completion of the transaction, the insider directly owned 5,487 shares of the company's stock, valued at approximately $406,970.79. This represents a 85.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the sale, the chief executive officer directly owned 2,901,985 shares of the company's stock, valued at $240,458,477.10. The trade was a 1.36% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 246,808 shares of company stock valued at $18,220,428. 20.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC increased its holdings in shares of Corcept Therapeutics by 3.7% in the first quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock valued at $453,729,000 after purchasing an additional 142,784 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Corcept Therapeutics by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,136,510 shares of the biotechnology company's stock valued at $243,708,000 after buying an additional 57,942 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Corcept Therapeutics by 12.5% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock worth $69,381,000 after acquiring an additional 153,100 shares during the last quarter. Invesco Ltd. increased its stake in shares of Corcept Therapeutics by 76.5% in the 1st quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock worth $142,345,000 after acquiring an additional 540,101 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Corcept Therapeutics by 0.6% during the 1st quarter. Northern Trust Corp now owns 1,022,001 shares of the biotechnology company's stock worth $116,733,000 after acquiring an additional 6,486 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

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.