Corcept Therapeutics (NASDAQ:CORT) Stock Price Up 10.4% – Should You Buy?

Corcept Therapeutics Incorporated (NASDAQ:CORT) was up 10.4% on Wednesday . The company traded as high as $56.46 and last traded at $56.4780. Approximately 804,205 shares changed hands during trading, a decline of 56% from the average daily volume of 1,847,772 shares. The stock had previously closed at $51.16.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. HC Wainwright increased their price target on Corcept Therapeutics from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, May 4th. UBS Group raised Corcept Therapeutics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $44.00 to $72.00 in a research note on Wednesday. Canaccord Genuity Group lifted their target price on Corcept Therapeutics from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, March 26th. Wolfe Research upgraded Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. Finally, Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Corcept Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $70.83.

Corcept Therapeutics Price Performance

The business’s fifty day moving average price is $41.03 and its 200-day moving average price is $53.28. The stock has a market capitalization of $6.13 billion, a price-to-earnings ratio of 163.09 and a beta of 0.36.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The business had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. Corcept Therapeutics’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.17 EPS. Equities research analysts predict that Corcept Therapeutics Incorporated will post 0.48 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Joseph K. Belanoff sold 26,198 shares of the stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $50.07, for a total value of $1,311,733.86. Following the completion of the sale, the chief executive officer directly owned 2,918,326 shares of the company’s stock, valued at approximately $146,120,582.82. This represents a 0.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director G Leonard Baker, Jr. acquired 100,000 shares of the company’s stock in a transaction on Tuesday, March 17th. The shares were bought at an average price of $33.14 per share, for a total transaction of $3,314,000.00. Following the completion of the purchase, the director owned 1,146,631 shares in the company, valued at approximately $37,999,351.34. This represents a 9.55% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 86,198 shares of company stock worth $3,887,769 over the last 90 days. 20.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Corcept Therapeutics

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its position in shares of Corcept Therapeutics by 18.9% during the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock valued at $1,757,000 after purchasing an additional 2,444 shares in the last quarter. Amundi purchased a new stake in Corcept Therapeutics in the 1st quarter valued at about $450,000. NewEdge Advisors LLC purchased a new stake in Corcept Therapeutics in the 1st quarter valued at about $518,000. EverSource Wealth Advisors LLC lifted its position in shares of Corcept Therapeutics by 273.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock worth $106,000 after buying an additional 1,055 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in shares of Corcept Therapeutics by 795.3% during the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock worth $3,391,000 after buying an additional 41,040 shares in the last quarter. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

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.