Corcept Therapeutics (NASDAQ:CORT) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Corcept Therapeutics from “hold” to “strong buy,” while other analysts also issued positive revisions. MarketBeat’s consensus rating is “Moderate Buy,” with an average price target of $119.17.
• Corcept reported quarterly EPS of $0.36, beating the $0.02 consensus estimate, while revenue rose 31.7% year over year to $256.15 million, above expectations.
• Shares opened at $114.49 after a 3.2% decline, near the stock’s 52-week high of $122.21. Insiders sold roughly 300,000 shares worth $22.1 million over the past 90 days, while institutional investors own 93.61% of the stock.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "strong-buy" rating in a report released on Saturday.

A number of other equities research analysts have also recently commented on the stock. Truist Financial raised shares of Corcept Therapeutics to a "strong-buy" rating in a research note on Monday, June 15th. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a report on Thursday, May 28th. Canaccord Genuity Group raised their price target on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday. Zacks Research raised shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Corcept Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $119.17.

Corcept Therapeutics Stock Down 3.2%

Shares of CORT stock opened at $114.49 on Friday. Corcept Therapeutics has a 52-week low of $28.66 and a 52-week high of $122.21. The stock has a market cap of $12.38 billion, a PE ratio of 272.60 and a beta of 0.47. The business has a 50-day simple moving average of $84.77 and a 200-day simple moving average of $56.78.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The firm had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. During the same period last year, the company earned $0.29 earnings per share. Corcept Therapeutics's revenue for the quarter was up 31.7% compared to the same quarter last year. Sell-side analysts anticipate that Corcept Therapeutics will post 0.53 earnings per share for the current fiscal year.

Insider Activity

In other Corcept Therapeutics news, insider Sean Maduck sold 75,000 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $65.59, for a total transaction of $4,919,250.00. Following the completion of the sale, the insider directly owned 8,977 shares in the company, valued at approximately $588,801.43. The trade was a 89.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David L. Mahoney sold 20,000 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total value of $1,690,600.00. Following the completion of the transaction, the director directly owned 26,147 shares of the company's stock, valued at approximately $2,210,205.91. This represents a 43.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 300,000 shares of company stock worth $22,088,050. Company insiders own 20.70% of the company's stock.

Institutional Investors Weigh In On Corcept Therapeutics

A number of hedge funds have recently modified their holdings of CORT. Handelsbanken Fonder AB raised its stake in Corcept Therapeutics by 28.1% during the second quarter. Handelsbanken Fonder AB now owns 36,881 shares of the biotechnology company's stock worth $3,207,000 after purchasing an additional 8,100 shares during the period. Breakwater Capital Group purchased a new stake in shares of Corcept Therapeutics in the 2nd quarter valued at approximately $246,000. Evanson Financial LLC acquired a new stake in shares of Corcept Therapeutics during the 2nd quarter worth approximately $1,085,000. GAMMA Investing LLC raised its position in shares of Corcept Therapeutics by 54.0% during the 2nd quarter. GAMMA Investing LLC now owns 4,640 shares of the biotechnology company's stock valued at $403,000 after buying an additional 1,627 shares during the period. Finally, Pacer Advisors Inc. lifted its holdings in Corcept Therapeutics by 56.8% in the first quarter. Pacer Advisors Inc. now owns 3,184 shares of the biotechnology company's stock valued at $128,000 after acquiring an additional 1,154 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.