HC Wainwright Has Bullish Forecast for CORT FY2024 Earnings

Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) - Stock analysts at HC Wainwright boosted their FY2024 earnings per share estimates for shares of Corcept Therapeutics in a research note issued to investors on Thursday, October 31st. HC Wainwright analyst S. Ramakanth now forecasts that the biotechnology company will post earnings per share of $1.44 for the year, up from their prior forecast of $1.12. HC Wainwright has a "Buy" rating and a $80.00 price objective on the stock. The consensus estimate for Corcept Therapeutics' current full-year earnings is $1.19 per share. HC Wainwright also issued estimates for Corcept Therapeutics' Q4 2024 earnings at $0.44 EPS, Q2 2025 earnings at $0.41 EPS, Q3 2025 earnings at $0.46 EPS and FY2025 earnings at $1.74 EPS.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. During the same quarter last year, the company posted $0.28 EPS. The company's revenue for the quarter was up 47.7% compared to the same quarter last year.

CORT has been the topic of several other research reports. Canaccord Genuity Group reiterated a "buy" rating and issued a $38.00 price target on shares of Corcept Therapeutics in a research note on Tuesday, July 30th. Piper Sandler boosted their price objective on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 18th. Sandler O'Neill restated a "buy" rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. StockNews.com upgraded Corcept Therapeutics from a "buy" rating to a "strong-buy" rating in a research report on Thursday. Finally, Truist Financial boosted their price objective on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a "buy" rating in a research report on Monday, September 30th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $65.25.

Corcept Therapeutics Price Performance

Shares of CORT traded up $2.44 during midday trading on Monday, hitting $50.06. The company's stock had a trading volume of 1,475,992 shares, compared to its average volume of 1,190,760. Corcept Therapeutics has a one year low of $20.84 and a one year high of $51.32. The company's fifty day simple moving average is $42.40 and its two-hundred day simple moving average is $34.73. The company has a quick ratio of 5.48, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of 40.09 and a beta of 0.45.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its stake in shares of Corcept Therapeutics by 10.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 5,368 shares of the biotechnology company's stock valued at $174,000 after purchasing an additional 510 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Corcept Therapeutics in the 3rd quarter valued at about $25,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Corcept Therapeutics by 0.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 127,348 shares of the biotechnology company's stock valued at $4,138,000 after purchasing an additional 541 shares during the period. Bank of Montreal Can lifted its stake in shares of Corcept Therapeutics by 5.0% in the 2nd quarter. Bank of Montreal Can now owns 12,156 shares of the biotechnology company's stock valued at $395,000 after purchasing an additional 580 shares during the period. Finally, Kathleen S. Wright Associates Inc. acquired a new position in Corcept Therapeutics during the 3rd quarter worth approximately $36,000. 93.61% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider William Guyer sold 10,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $35.30, for a total transaction of $353,000.00. Following the transaction, the insider now directly owns 6,039 shares of the company's stock, valued at approximately $213,176.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Corcept Therapeutics news, insider William Guyer sold 10,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $35.30, for a total transaction of $353,000.00. Following the transaction, the insider now directly owns 6,039 shares of the company's stock, valued at approximately $213,176.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $110,736.71. Following the completion of the transaction, the insider now directly owns 23,190 shares in the company, valued at $828,114.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,101 shares of company stock valued at $972,817. 20.50% of the stock is currently owned by company insiders.

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.