Corcept Therapeutics (NASDAQ:CORT) Releases Quarterly Earnings Results, Beats Expectations By $0.34 EPS

Key Points

• Corcept Therapeutics beat quarterly expectations: The biotechnology company reported adjusted EPS of $0.36, exceeding the $0.02 consensus estimate by $0.34. Revenue reached $256.15 million, above analyst expectations of $221.15 million.
• Analyst sentiment remains moderately positive: The stock has a consensus “Moderate Buy” rating and an average price target of $94.67, though ratings range from Strong Buy to Sell.
• Insiders have been selling shares: Company insiders sold 300,000 shares worth approximately $22.1 million over the past 90 days, while institutional investors and hedge funds own 93.61% of the stock.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) posted its quarterly earnings results on Wednesday. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34, FiscalAI reports. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock traded down $1.24 on Wednesday, hitting $92.95. 1,507,506 shares of the company's stock traded hands, compared to its average volume of 1,582,470. The firm's 50-day moving average price is $81.83 and its two-hundred day moving average price is $55.40. The stock has a market capitalization of $9.98 billion, a PE ratio of 265.58 and a beta of 0.47. Corcept Therapeutics has a one year low of $28.66 and a one year high of $97.63.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Weiss Ratings reissued a "hold (c-)" rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Piper Sandler upped their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Zacks Research upgraded Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. Wolfe Research lowered shares of Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price target for the company. in a report on Monday. Finally, HC Wainwright upped their price target on Corcept Therapeutics from $75.00 to $95.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $94.67.

Insider Buying and Selling

In other news, Director David L. Mahoney sold 20,000 shares of the firm's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total value of $1,690,600.00. Following the transaction, the director directly owned 26,147 shares in the company, valued at $2,210,205.91. This trade represents a 43.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $93.13, for a total value of $1,862,600.00. Following the sale, the insider directly owned 3,985 shares of the company's stock, valued at approximately $371,123.05. This trade represents a 83.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 300,000 shares of company stock worth $22,088,050 over the last 90 days. 20.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several institutional investors have recently modified their holdings of CORT. Corient Private Wealth LLC boosted its stake in Corcept Therapeutics by 9.3% during the 4th quarter. Corient Private Wealth LLC now owns 7,035 shares of the biotechnology company's stock worth $245,000 after acquiring an additional 600 shares during the last quarter. Virtu Financial LLC acquired a new position in Corcept Therapeutics during the fourth quarter valued at approximately $456,000. Invesco Ltd. increased its stake in Corcept Therapeutics by 11.5% in the fourth quarter. Invesco Ltd. now owns 816,996 shares of the biotechnology company's stock valued at $28,431,000 after purchasing an additional 84,413 shares in the last quarter. FAS Wealth Partners Inc. raised its holdings in Corcept Therapeutics by 0.6% in the fourth quarter. FAS Wealth Partners Inc. now owns 310,018 shares of the biotechnology company's stock worth $10,789,000 after purchasing an additional 1,700 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Corcept Therapeutics in the fourth quarter worth $2,803,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

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