Corcept Therapeutics (NASDAQ:CORT) Announces Earnings Results, Beats Estimates By $0.04 EPS

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) released its quarterly earnings results on Wednesday. The biotechnology company reported $0.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.04, Briefing.com reports. The business had revenue of $146.80 million during the quarter, compared to analyst estimates of $141.19 million. Corcept Therapeutics had a net margin of 21.86% and a return on equity of 21.98%. The business's revenue was up 38.9% on a year-over-year basis. During the same period last year, the business earned $0.14 EPS. Corcept Therapeutics updated its FY 2024 guidance to EPS.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock traded up $1.18 during trading hours on Thursday, reaching $25.06. The company's stock had a trading volume of 2,274,450 shares, compared to its average volume of 1,472,443. The company's 50 day simple moving average is $23.89 and its 200 day simple moving average is $25.25. Corcept Therapeutics has a one year low of $20.84 and a one year high of $34.28. The stock has a market cap of $2.61 billion, a P/E ratio of 26.03 and a beta of 0.50.

Insider Transactions at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 5,443 shares of Corcept Therapeutics stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $26.00, for a total value of $141,518.00. Following the sale, the insider now directly owns 7,314 shares in the company, valued at approximately $190,164. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Joseph Douglas Lyon sold 5,443 shares of Corcept Therapeutics stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $26.00, for a total value of $141,518.00. Following the sale, the insider now directly owns 7,314 shares in the company, valued at approximately $190,164. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Sean Maduck sold 27,068 shares of Corcept Therapeutics stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $25.97, for a total transaction of $702,955.96. Following the completion of the sale, the insider now owns 74,455 shares in the company, valued at $1,933,596.35. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,583 shares of company stock worth $2,070,596. 20.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CORT shares. Truist Financial raised their price target on shares of Corcept Therapeutics from $42.00 to $44.00 and gave the company a "buy" rating in a report on Thursday. StockNews.com upgraded shares of Corcept Therapeutics from a "buy" rating to a "strong-buy" rating in a research note on Thursday, April 25th. Finally, HC Wainwright increased their price objective on shares of Corcept Therapeutics from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $40.10.

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.