Corcept Therapeutics (NASDAQ:CORT) Price Target Raised to $78.00

Corcept Therapeutics (NASDAQ:CORT) had its price target raised by Piper Sandler from $67.00 to $78.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the biotechnology company’s stock.

Other analysts have also recently issued research reports about the company. Canaccord Genuity Group increased their target price on Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. HC Wainwright reaffirmed a “buy” rating and set a $115.00 price target on shares of Corcept Therapeutics in a research note on Thursday. Finally, StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.75.

Corcept Therapeutics Price Performance

Shares of CORT stock opened at $60.58 on Thursday. The stock’s fifty day moving average is $59.96 and its 200-day moving average is $51.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The stock has a market capitalization of $6.35 billion, a PE ratio of 48.08 and a beta of 0.58. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $75.00.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). The business had revenue of $181.89 million for the quarter, compared to the consensus estimate of $200.12 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. Equities research analysts expect that Corcept Therapeutics will post 1.36 EPS for the current fiscal year.

Insider Activity

In other Corcept Therapeutics news, insider Sean Maduck sold 20,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total value of $1,007,800.00. Following the transaction, the insider now owns 85,318 shares of the company’s stock, valued at approximately $4,299,174.02. This represents a 18.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $59.46, for a total value of $130,812.00. The disclosure for this sale can be found here. Insiders have sold 26,600 shares of company stock valued at $1,399,576 over the last 90 days. 20.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several hedge funds have recently added to or reduced their stakes in CORT. Creative Planning lifted its stake in Corcept Therapeutics by 7.2% in the third quarter. Creative Planning now owns 12,467 shares of the biotechnology company’s stock valued at $577,000 after buying an additional 841 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Corcept Therapeutics in the third quarter worth about $238,000. Nisa Investment Advisors LLC increased its holdings in shares of Corcept Therapeutics by 83.5% in the third quarter. Nisa Investment Advisors LLC now owns 9,851 shares of the biotechnology company’s stock worth $456,000 after acquiring an additional 4,483 shares in the last quarter. abrdn plc increased its holdings in shares of Corcept Therapeutics by 27.1% in the third quarter. abrdn plc now owns 666,952 shares of the biotechnology company’s stock worth $30,867,000 after acquiring an additional 142,310 shares in the last quarter. Finally, US Bancorp DE increased its holdings in shares of Corcept Therapeutics by 162.2% in the third quarter. US Bancorp DE now owns 19,683 shares of the biotechnology company’s stock worth $911,000 after acquiring an additional 12,177 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

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.