Corcept Therapeutics (NASDAQ:CORT) Shares Gap Up - Here's What Happened

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $71.71, but opened at $73.86. Corcept Therapeutics shares last traded at $72.63, with a volume of 97,139 shares.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Truist Financial increased their price target on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the company a "buy" rating in a report on Monday, March 31st. HC Wainwright boosted their target price on Corcept Therapeutics from $115.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, March 31st. Piper Sandler lifted their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a research note on Thursday, April 3rd. Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a research report on Tuesday, April 1st. Finally, StockNews.com cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. 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 price target of $143.25.

Corcept Therapeutics Trading Down 0.6 %

The stock has a 50-day simple moving average of $65.47 and a two-hundred day simple moving average of $59.81. The firm has a market capitalization of $7.54 billion, a P/E ratio of 56.73 and a beta of 0.15. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). The business had revenue of $181.89 million during the quarter, compared to the consensus estimate of $200.12 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. On average, equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Buying and Selling

In other Corcept Therapeutics news, insider Sean Maduck sold 100,000 shares of the firm's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $100.54, for a total value of $10,054,000.00. Following the completion of the sale, the insider now owns 85,622 shares of the company's stock, valued at approximately $8,608,435.88. This trade represents a 53.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph Douglas Lyon sold 421 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $60.58, for a total transaction of $25,504.18. Following the completion of the transaction, the insider now directly owns 9,009 shares of the company's stock, valued at $545,765.22. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 163,124 shares of company stock worth $15,117,614 in the last three months. 20.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Corcept Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Synergy Asset Management LLC raised its stake in shares of Corcept Therapeutics by 131.3% in the fourth quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company's stock worth $22,369,000 after purchasing an additional 262,503 shares during the last quarter. Van ECK Associates Corp purchased a new position in Corcept Therapeutics during the 4th quarter worth approximately $4,483,000. Burney Co. lifted its stake in Corcept Therapeutics by 9.1% during the 4th quarter. Burney Co. now owns 473,821 shares of the biotechnology company's stock valued at $23,876,000 after acquiring an additional 39,657 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Corcept Therapeutics by 30.7% in the 4th quarter. HighTower Advisors LLC now owns 93,677 shares of the biotechnology company's stock valued at $4,720,000 after acquiring an additional 22,011 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Corcept Therapeutics by 43.4% in the third quarter. JPMorgan Chase & Co. now owns 253,070 shares of the biotechnology company's stock worth $11,712,000 after acquiring an additional 76,573 shares during the period. Hedge funds and other institutional investors 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.