Corcept Therapeutics (NASDAQ:CORT) Stock Price Up 8.9% - Time to Buy?

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) shares shot up 8.9% during mid-day trading on Friday . The stock traded as high as $59.23 and last traded at $59.14. 559,301 shares were traded during trading, a decline of 53% from the average session volume of 1,185,636 shares. The stock had previously closed at $54.30.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CORT. StockNews.com upgraded shares of Corcept Therapeutics from a "buy" rating to a "strong-buy" rating in a research note on Thursday, October 31st. Piper Sandler boosted their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an "overweight" rating in a report on Wednesday, September 18th. Canaccord Genuity Group restated a "buy" rating and issued a $38.00 target price on shares of Corcept Therapeutics in a research note on Tuesday, July 30th. Truist Financial boosted their price target on Corcept Therapeutics from $65.00 to $76.00 and gave the company a "buy" rating in a research note on Monday, September 30th. Finally, Sandler O'Neill reaffirmed a "buy" rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Corcept Therapeutics currently has a consensus rating of "Buy" and an average price target of $65.25.

Corcept Therapeutics Trading Up 9.8 %

The firm has a market cap of $6.24 billion, a PE ratio of 46.89 and a beta of 0.45. The company has a 50-day simple moving average of $43.83 and a 200 day simple moving average of $35.39. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.14. The firm had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. Corcept Therapeutics's revenue for the quarter was up 47.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.28 EPS. As a group, sell-side analysts forecast that Corcept Therapeutics Incorporated will post 1.25 earnings per share for the current fiscal year.

Insider Activity at Corcept Therapeutics

In other news, insider Gary Charles Robb sold 3,101 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.71, for a total value of $110,736.71. Following the sale, the insider now directly owns 23,190 shares of the company's stock, valued at $828,114.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Gary Charles Robb sold 3,101 shares of the business's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.71, for a total transaction of $110,736.71. Following the transaction, the insider now directly owns 23,190 shares in the company, valued at approximately $828,114.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider William Guyer sold 3,394 shares of the company's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $48.97, for a total transaction of $166,204.18. Following the sale, the insider now directly owns 5,796 shares of the company's stock, valued at approximately $283,830.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,101 shares of company stock valued at $1,462,517. 20.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corcept Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CORT. Vanguard Group Inc. grew its position in Corcept Therapeutics by 0.3% in the first quarter. Vanguard Group Inc. now owns 9,565,782 shares of the biotechnology company's stock worth $240,962,000 after acquiring an additional 28,250 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Corcept Therapeutics by 4.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,676,335 shares of the biotechnology company's stock worth $86,952,000 after purchasing an additional 108,658 shares during the last quarter. Jupiter Asset Management Ltd. raised its holdings in Corcept Therapeutics by 1,149.0% in the 1st quarter. Jupiter Asset Management Ltd. now owns 744,469 shares of the biotechnology company's stock valued at $18,753,000 after buying an additional 684,863 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in Corcept Therapeutics in the first quarter valued at about $18,426,000. Finally, abrdn plc boosted its stake in Corcept Therapeutics by 27.1% during the third quarter. abrdn plc now owns 666,952 shares of the biotechnology company's stock worth $30,867,000 after buying an additional 142,310 shares during the period. Institutional investors and hedge funds own 93.61% of the company's stock.

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.

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