Corcept Therapeutics (NASDAQ:CORT) Shares Gap Up on Analyst Upgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report)'s stock price gapped up prior to trading on Monday after Piper Sandler raised their price target on the stock from $128.00 to $131.00. The stock had previously closed at $54.63, but opened at $94.93. Piper Sandler currently has an overweight rating on the stock. Corcept Therapeutics shares last traded at $99.93, with a volume of 3,955,938 shares trading hands.

Other equities analysts have also recently issued research reports about the company. HC Wainwright boosted their target price on Corcept Therapeutics from $115.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday. Truist Financial upped their price objective on Corcept Therapeutics from $76.00 to $150.00 and gave the stock a "buy" rating in a report on Monday. Canaccord Genuity Group raised their target price on Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a report on Tuesday. Finally, StockNews.com cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Corcept Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $143.25.

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Insider Activity

In other Corcept Therapeutics news, insider Sean Maduck sold 100,000 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $100.54, for a total transaction of $10,054,000.00. Following the sale, the insider now owns 85,622 shares in the company, valued at approximately $8,608,435.88. This represents a 53.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $50.54, for a total value of $111,188.00. The disclosure for this sale can be found here. Insiders sold a total of 163,124 shares of company stock worth $15,074,318 over the last 90 days. 20.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CORT. The Manufacturers Life Insurance Company raised its holdings in Corcept Therapeutics by 4.5% in the third quarter. The Manufacturers Life Insurance Company now owns 50,996 shares of the biotechnology company's stock valued at $2,360,000 after buying an additional 2,216 shares during the period. FMR LLC lifted its holdings in shares of Corcept Therapeutics by 24.6% during the 3rd quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company's stock valued at $63,122,000 after acquiring an additional 269,074 shares in the last quarter. Stifel Financial Corp boosted its position in Corcept Therapeutics by 30.0% during the 3rd quarter. Stifel Financial Corp now owns 88,967 shares of the biotechnology company's stock worth $4,117,000 after purchasing an additional 20,546 shares during the period. State Street Corp increased its holdings in Corcept Therapeutics by 0.6% in the 3rd quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company's stock valued at $162,871,000 after purchasing an additional 19,893 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new position in Corcept Therapeutics in the third quarter valued at about $302,000. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Performance

The stock has a 50 day simple moving average of $64.52 and a 200 day simple moving average of $56.03. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The company has a market cap of $7.85 billion, a price-to-earnings ratio of 59.09 and a beta of 0.14.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $181.89 million during the quarter, compared to analyst estimates of $200.12 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. As a group, analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

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.