Corcept Therapeutics (NASDAQ:CORT) Given New $142.00 Price Target at Canaccord Genuity Group

Corcept Therapeutics (NASDAQ:CORT - Free Report) had its price target lifted by Canaccord Genuity Group from $130.00 to $142.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the biotechnology company's stock.

Other research analysts have also issued reports about the stock. StockNews.com lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Truist Financial lifted their target price on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, March 31st. HC Wainwright raised their price objective on Corcept Therapeutics from $115.00 to $150.00 and gave the stock a "buy" rating in a report on Monday, March 31st. Finally, Piper Sandler increased their target price on Corcept Therapeutics from $67.00 to $78.00 and gave the stock an "overweight" rating in a research report on Thursday, February 27th. One investment 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 stock has a consensus rating of "Moderate Buy" and a consensus price target of $143.25.

Remove Ads

Corcept Therapeutics Price Performance

Shares of NASDAQ:CORT traded down $4.92 during midday trading on Tuesday, hitting $74.45. 2,540,279 shares of the stock were exchanged, compared to its average volume of 1,097,826. Corcept Therapeutics has a twelve month low of $20.84 and a twelve month high of $117.33. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average price of $64.81 and a 200-day moving average price of $56.28. The stock has a market cap of $7.85 billion, a P/E ratio of 59.09 and a beta of 0.14.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts' expectations of $200.12 million. On average, research analysts forecast that Corcept Therapeutics will post 1.36 earnings per share for the current year.

Insider Transactions at Corcept Therapeutics

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $50.54, for a total value of $111,188.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Maduck sold 18,303 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $60.69, for a total value of $1,110,809.07. Following the transaction, the insider now directly owns 85,622 shares in the company, valued at $5,196,399.18. This trade represents a 17.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 163,124 shares of company stock worth $15,074,318. 20.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Black Diamond Financial LLC increased its position in shares of Corcept Therapeutics by 4.0% during the fourth quarter. Black Diamond Financial LLC now owns 5,200 shares of the biotechnology company's stock worth $262,000 after acquiring an additional 200 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Corcept Therapeutics by 9.5% during the 4th quarter. Quadrant Capital Group LLC now owns 2,969 shares of the biotechnology company's stock worth $150,000 after purchasing an additional 257 shares during the last quarter. Summit Investment Advisors Inc. raised its position in shares of Corcept Therapeutics by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company's stock valued at $426,000 after purchasing an additional 268 shares in the last quarter. Arizona State Retirement System grew its position in shares of Corcept Therapeutics by 1.1% during the fourth quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company's stock worth $1,374,000 after buying an additional 289 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its position in shares of Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after purchasing an additional 313 shares during 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.