HC Wainwright Raises Corcept Therapeutics (NASDAQ:CORT) Price Target to $95.00

Key Points

• HC Wainwright raised its price target on Corcept Therapeutics from $75 to $95 and reiterated a buy rating, implying about 42.5% upside from the current share price.
• Corcept shares were up 10.4% and opened at $66.65, well below the new target but above the company’s 52-week low of $28.66.
• Recent operating results were mixed: the company reported a loss of $0.30 per share on $164.9 million in revenue, missing analyst estimates, even as revenue rose 4.9% year over year.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) had its price objective lifted by analysts at HC Wainwright from $75.00 to $95.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the biotechnology company's stock. HC Wainwright's price target points to a potential upside of 42.54% from the stock's current price.

Several other analysts have also recently commented on the company. UBS Group raised Corcept Therapeutics from a "neutral" rating to a "buy" rating and raised their price target for the company from $44.00 to $72.00 in a report on Wednesday, May 13th. Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. Wolfe Research raised Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a report on Thursday, March 26th. Truist Financial raised Corcept Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. Finally, Canaccord Genuity Group raised their price target on Corcept Therapeutics from $100.00 to $110.00 and gave the company a "buy" rating in a report on Thursday, March 26th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Corcept Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $74.17.

Corcept Therapeutics Trading Up 10.4%

Corcept Therapeutics stock opened at $66.65 on Thursday. Corcept Therapeutics has a twelve month low of $28.66 and a twelve month high of $91.00. The stock has a 50 day moving average of $46.60 and a two-hundred day moving average of $52.22. The stock has a market capitalization of $7.15 billion, a price-to-earnings ratio of 190.43 and a beta of 0.36.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm's revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.17 earnings per share. Equities analysts predict that Corcept Therapeutics will post 0.52 earnings per share for the current year.

Insider Buying and Selling

In related news, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $51.83, for a total transaction of $1,036,600.00. Following the completion of the transaction, the insider directly owned 2,231 shares of the company's stock, valued at approximately $115,632.73. The trade was a 89.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director G Leonard Baker, Jr. acquired 100,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, March 17th. The shares were purchased at an average cost of $33.14 per share, with a total value of $3,314,000.00. Following the completion of the acquisition, the director owned 1,146,631 shares of the company's stock, valued at $37,999,351.34. The trade was a 9.55% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders sold 86,198 shares of company stock valued at $3,887,769. 20.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Pathstone Holdings LLC raised its holdings in Corcept Therapeutics by 0.8% during the third quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company's stock worth $1,497,000 after purchasing an additional 144 shares during the last quarter. State of Wyoming raised its holdings in shares of Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock worth $33,000 after acquiring an additional 186 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of Corcept Therapeutics by 163.6% in the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company's stock worth $26,000 after acquiring an additional 193 shares during the last quarter. Gould Capital LLC raised its holdings in shares of Corcept Therapeutics by 50.0% in the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock worth $50,000 after acquiring an additional 200 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of Corcept Therapeutics by 3.7% in the fourth quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company's stock worth $240,000 after acquiring an additional 247 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Company Profile

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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