Corcept Therapeutics (NASDAQ:CORT) Shares Gap Up on Analyst Upgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s stock price gapped up prior to trading on Monday after HC Wainwright raised their price target on the stock from $115.00 to $150.00. The stock had previously closed at $54.63, but opened at $94.93. HC Wainwright currently has a buy rating on the stock. Corcept Therapeutics shares last traded at $99.93, with a volume of 3,955,938 shares.

Several other brokerages also recently commented on CORT. Piper Sandler boosted their target price on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. StockNews.com cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Finally, Canaccord Genuity Group lifted their target price on shares of Corcept Therapeutics from $78.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Corcept Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $108.50.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider Sean Maduck sold 20,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the transaction, the insider now owns 85,318 shares of the company’s stock, valued at $4,299,174.02. This represents a 18.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Joseph K. Belanoff sold 2,924 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $60.91, for a total value of $178,100.84. Following the sale, the chief executive officer now directly owns 3,019,411 shares of the company’s stock, valued at $183,912,324.01. This represents a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,022 shares of company stock worth $2,703,257. 20.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its stake in Corcept Therapeutics by 50.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,724 shares of the biotechnology company’s stock valued at $389,000 after buying an additional 2,578 shares during the period. Cache Advisors LLC acquired a new stake in shares of Corcept Therapeutics in the 4th quarter valued at approximately $378,000. Public Employees Retirement System of Ohio boosted its stake in Corcept Therapeutics by 269.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company’s stock worth $144,000 after acquiring an additional 2,086 shares during the last quarter. Vise Technologies Inc. bought a new stake in Corcept Therapeutics in the fourth quarter valued at approximately $204,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Corcept Therapeutics by 11.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 224,713 shares of the biotechnology company’s stock worth $11,323,000 after purchasing an additional 22,361 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Trading Up 88.0 %

The company has a market capitalization of $10.83 billion, a P/E ratio of 80.48 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The business’s 50-day moving average price is $61.89 and its two-hundred day moving average price is $54.74.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The business had revenue of $181.89 million during the quarter, compared to analyst estimates of $200.12 million. As a group, analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

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.