Corcept Therapeutics (NASDAQ:CORT) Trading 4.6% Higher

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s stock price shot up 4.6% during trading on Wednesday . The stock traded as high as $41.98 and last traded at $41.52. 71,378 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,197,650 shares. The stock had previously closed at $39.71.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CORT shares. HC Wainwright boosted their price objective on shares of Corcept Therapeutics from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Truist Financial restated a “buy” rating and set a $65.00 price objective on shares of Corcept Therapeutics in a report on Monday, June 17th. Piper Sandler increased their target price on Corcept Therapeutics from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $38.00 price target on shares of Corcept Therapeutics in a research note on Tuesday, July 30th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $46.50.

Corcept Therapeutics Stock Up 6.7 %

The stock has a 50-day moving average of $34.74 and a 200 day moving average of $29.70. The company has a market capitalization of $4.41 billion, a PE ratio of 40.56 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Monday, July 29th. The biotechnology company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.09. The company had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $155.14 million. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The business’s revenue for the quarter was up 39.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.25 EPS. Equities analysts forecast that Corcept Therapeutics Incorporated will post 1.1 EPS for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $32.81, for a total transaction of $72,182.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $32.81, for a total transaction of $72,182.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Gary Charles Robb sold 3,101 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.71, for a total transaction of $110,736.71. Following the completion of the transaction, the insider now directly owns 23,190 shares of the company’s stock, valued at $828,114.90. The disclosure for this sale can be found here. Insiders sold a total of 30,451 shares of company stock worth $1,090,844 in the last quarter. Insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC grew its holdings in shares of Corcept Therapeutics by 27.0% during the fourth quarter. Quadrant Capital Group LLC now owns 2,107 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 448 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Corcept Therapeutics by 10.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,368 shares of the biotechnology company’s stock valued at $174,000 after purchasing an additional 510 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Corcept Therapeutics by 0.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 127,348 shares of the biotechnology company’s stock worth $4,138,000 after purchasing an additional 541 shares during the period. GAMMA Investing LLC lifted its stake in shares of Corcept Therapeutics by 90.6% in the 1st quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 579 shares during the period. Finally, Bank of Montreal Can boosted its stake in Corcept Therapeutics by 5.0% during the second quarter. Bank of Montreal Can now owns 12,156 shares of the biotechnology company’s stock worth $395,000 after acquiring an additional 580 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

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.