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

Key Points

• Corcept Therapeutics has been upgraded from a "hold" rating to a "buy" rating by analysts at Wall Street Zen, highlighting increasing confidence in the company's stock performance.
• Despite the upgrade, analysts at Piper Sandler lowered their target price for Corcept Therapeutics from $131.00 to $121.00, while Canaccord Genuity reaffirmed a buy rating with a target price of $140.00.
• The company reported a quarterly earnings per share of $0.29, exceeding estimates, and had a year-over-year revenue increase of 18.7%, showcasing strong financial performance.

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

Other equities research analysts also recently issued research reports about the company. Piper Sandler decreased their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Canaccord Genuity Group reaffirmed a "buy" rating and set a $140.00 target price on shares of Corcept Therapeutics in a report on Thursday. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Corcept Therapeutics currently has an average rating of "Buy" and an average target price of $135.25.

Corcept Therapeutics Price Performance

NASDAQ CORT traded up $1.14 during trading on Friday, hitting $83.87. The company's stock had a trading volume of 482,813 shares, compared to its average volume of 880,783. The company has a market cap of $8.84 billion, a PE ratio of 74.22 and a beta of 0.29. The business's 50 day simple moving average is $72.19 and its 200-day simple moving average is $71.13. Corcept Therapeutics has a fifty-two week low of $42.01 and a fifty-two week high of $117.33.

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

Insider Buying and Selling

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,823 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $67.51, for a total value of $393,110.73. Following the completion of the transaction, the insider directly owned 10,066 shares of the company's stock, valued at approximately $679,555.66. The trade was a 36.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 2,861,370 shares of the company's stock, valued at $196,089,686.10. The trade was a 1.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 222,215 shares of company stock valued at $15,572,699. Insiders own 20.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Osaic Holdings Inc. lifted its position in shares of Corcept Therapeutics by 37.1% during the 2nd quarter. Osaic Holdings Inc. now owns 16,773 shares of the biotechnology company's stock valued at $1,320,000 after buying an additional 4,541 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Corcept Therapeutics by 1.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 69,399 shares of the biotechnology company's stock valued at $5,094,000 after buying an additional 905 shares in the last quarter. Coppell Advisory Solutions LLC lifted its position in shares of Corcept Therapeutics by 82.6% during the 2nd quarter. Coppell Advisory Solutions LLC now owns 31,615 shares of the biotechnology company's stock valued at $2,315,000 after buying an additional 14,305 shares in the last quarter. Kestra Investment Management LLC lifted its position in shares of Corcept Therapeutics by 20.9% during the 2nd quarter. Kestra Investment Management LLC now owns 3,040 shares of the biotechnology company's stock valued at $223,000 after buying an additional 526 shares in the last quarter. Finally, Castleark Management LLC purchased a new position in shares of Corcept Therapeutics during the 2nd quarter valued at approximately $2,711,000. 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.

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