Corcept Therapeutics (NASDAQ:CORT) Shares Up 7.9% - Here's What Happened

Key Points

• Corcept Therapeutics shares increased by 7.9% on Wednesday, reaching a price of $77.82, despite a significant decrease in trading volume.
• Analysts have a mixed outlook on the stock, with a consensus target price of $135.25 and five analysts rating it as a "Buy."
• The company reported $0.29 earnings per share for the last quarter, which exceeded analysts' expectations, along with an 18.7% year-over-year revenue increase.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report)'s share price shot up 7.9% on Wednesday . The stock traded as high as $77.96 and last traded at $77.82. 497,997 shares were traded during trading, a decline of 60% from the average session volume of 1,235,017 shares. The stock had previously closed at $72.12.

Analysts Set New Price Targets

Several research firms have recently weighed in on CORT. HC Wainwright reaffirmed a "buy" rating and set a $145.00 price target on shares of Corcept Therapeutics in a research note on Friday, October 10th. Wall Street Zen raised shares of Corcept Therapeutics from a "hold" rating to a "buy" rating in a research note on Friday, September 26th. Zacks Research downgraded shares of Corcept Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 1st. Piper Sandler reduced their price objective on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Corcept Therapeutics in a research note on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $135.25.

Corcept Therapeutics Stock Performance

The firm's 50 day moving average price is $75.60 and its 200-day moving average price is $73.42. The firm has a market capitalization of $8.34 billion, a PE ratio of 70.04 and a beta of 0.46.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.06. The business had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The company's revenue for the quarter was up 18.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, equities research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Activity at Corcept Therapeutics

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $68.53, for a total value of $2,741,200.00. Following the transaction, the chief executive officer directly owned 2,861,370 shares of the company's stock, valued at approximately $196,089,686.10. This trade represents a 1.38% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Joseph Douglas Lyon sold 5,823 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.51, for a total transaction of $393,110.73. Following the completion of the transaction, the insider directly owned 10,066 shares in the company, valued at $679,555.66. This represents a 36.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 304,610 shares of company stock valued at $22,713,516. 20.50% of the stock is owned by corporate insiders.

Institutional Trading of Corcept Therapeutics

A number of hedge funds have recently bought and sold shares of CORT. GAMMA Investing LLC raised its holdings in Corcept Therapeutics by 13.7% in the 1st quarter. GAMMA Investing LLC now owns 3,407 shares of the biotechnology company's stock valued at $389,000 after acquiring an additional 411 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Corcept Therapeutics by 3.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company's stock valued at $909,000 after purchasing an additional 230 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of Corcept Therapeutics by 0.6% in the first quarter. QRG Capital Management Inc. now owns 96,923 shares of the biotechnology company's stock worth $11,071,000 after acquiring an additional 558 shares in the last quarter. CWA Asset Management Group LLC grew its stake in shares of Corcept Therapeutics by 21.6% in the first quarter. CWA Asset Management Group LLC now owns 19,802 shares of the biotechnology company's stock worth $2,262,000 after acquiring an additional 3,511 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Corcept Therapeutics during the 1st quarter worth $580,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.