Corcept Therapeutics (NASDAQ:CORT) Sets New 1-Year High – What’s Next?

Corcept Therapeutics Incorporated (NASDAQ:CORT) hit a new 52-week high on Wednesday . The company traded as high as $91.00 and last traded at $90.6850, with a volume of 364981 shares changing hands. The stock had previously closed at $86.95.

Analysts Set New Price Targets

A number of analysts have recently commented on CORT shares. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. HC Wainwright raised their price objective on Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research note on Thursday, May 28th. Truist Financial raised Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. Finally, Canaccord Genuity Group increased their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $88.83.

Corcept Therapeutics Stock Up 2.0%

The firm’s fifty day simple moving average is $67.08 and its 200-day simple moving average is $52.18. The firm has a market capitalization of $9.68 billion, a PE ratio of 257.75 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The firm had revenue of $164.90 million for the quarter, compared to analysts’ expectations of $185.83 million. During the same quarter in the previous year, the company earned $0.17 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, analysts predict that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Atabak Mokari sold 40,000 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.15, for a total value of $3,246,000.00. Following the completion of the transaction, the chief financial officer owned 16,130 shares in the company, valued at $1,308,949.50. The trade was a 71.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sean Maduck sold 25,000 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $70.21, for a total value of $1,755,250.00. Following the transaction, the insider directly owned 8,977 shares in the company, valued at approximately $630,275.17. The trade was a 73.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 275,000 shares of company stock worth $18,836,100. 20.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Hedge funds have recently bought and sold shares of the business. Royal Bank of Canada grew its stake in shares of Corcept Therapeutics by 18.9% in the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock worth $1,757,000 after acquiring an additional 2,444 shares during the period. Amundi purchased a new stake in Corcept Therapeutics in the first quarter worth approximately $450,000. NewEdge Advisors LLC purchased a new stake in Corcept Therapeutics in the first quarter worth approximately $518,000. EverSource Wealth Advisors LLC grew its position in Corcept Therapeutics by 273.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock worth $106,000 after purchasing an additional 1,055 shares during the period. Finally, Marshall Wace LLP grew its position in Corcept Therapeutics by 795.3% in the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock worth $3,391,000 after purchasing an additional 41,040 shares during the period. Hedge funds and other 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.