Zacks Research Issues Optimistic Estimate for CORT Earnings

Key Points

• Zacks Research raised its FY2028 EPS estimate for Corcept Therapeutics to $3.14 from $3.02, though it still kept a Hold rating on the stock.
• Corcept’s latest quarterly results missed expectations, with EPS of ($0.30) versus an expected ($0.11) and revenue of $164.9 million versus $185.83 million forecast.
• Wall Street sentiment has improved overall, with several firms lifting price targets and the stock now carrying a consensus Moderate Buy rating and average target of $70.83.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) - Analysts at Zacks Research boosted their FY2028 earnings per share (EPS) estimates for Corcept Therapeutics in a note issued to investors on Thursday, May 21st. Zacks Research analyst Team now expects that the biotechnology company will post earnings per share of $3.14 for the year, up from their prior forecast of $3.02. Zacks Research currently has a "Hold" rating on the stock. The consensus estimate for Corcept Therapeutics' current full-year earnings is $0.48 per share.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued 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 firm had revenue of $164.90 million for the quarter, compared to analysts' expectations of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company's revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.17 EPS.

CORT has been the subject of a number of other research reports. Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $100.00 to $110.00 and gave the company a "buy" rating in a report on Thursday, March 26th. UBS Group raised shares of Corcept Therapeutics from a "neutral" rating to a "buy" rating and increased their price target for the company from $44.00 to $72.00 in a report on Wednesday, May 13th. Piper Sandler increased their price target on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a report on Friday, May 1st. HC Wainwright increased their price target on shares of Corcept Therapeutics from $60.00 to $75.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Wolfe Research raised shares of Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $70.83.

Corcept Therapeutics Stock Up 1.1%

Shares of Corcept Therapeutics stock opened at $59.69 on Friday. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 170.55 and a beta of 0.36. The business has a 50-day moving average price of $44.26 and a 200-day moving average price of $52.55. Corcept Therapeutics has a twelve month low of $28.66 and a twelve month high of $91.00.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $51.83, for a total value of $1,036,600.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph K. Belanoff sold 26,198 shares of Corcept Therapeutics stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the completion of the transaction, the chief executive officer directly owned 2,918,326 shares in the company, valued at $146,120,582.82. This represents a 0.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 86,198 shares of company stock valued at $3,887,769. 20.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of CORT. Torren Management LLC purchased a new position in Corcept Therapeutics in the fourth quarter worth $25,000. Advisory Services Network LLC purchased a new position in Corcept Therapeutics in the third quarter worth $25,000. Clearstead Advisors LLC grew its holdings in 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 purchasing an additional 193 shares during the last quarter. Atlas Capital Advisors Inc. purchased a new stake in shares of Corcept Therapeutics during the fourth quarter valued at $31,000. Finally, State of Wyoming grew its holdings in shares of Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock valued at $33,000 after buying an additional 186 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

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.

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