HC Wainwright Boosts Corcept Therapeutics (NASDAQ:CORT) Price Target to $40.00

Corcept Therapeutics (NASDAQ:CORT) had its price objective upped by equities researchers at HC Wainwright from $38.00 to $40.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price objective indicates a potential upside of 63.13% from the stock’s previous close. HC Wainwright also issued estimates for Corcept Therapeutics’ Q2 2024 earnings at $0.21 EPS, Q3 2024 earnings at $0.22 EPS, Q4 2024 earnings at $0.27 EPS, FY2024 earnings at $0.95 EPS, Q1 2025 earnings at $0.29 EPS, Q2 2025 earnings at $0.33 EPS, Q3 2025 earnings at $0.36 EPS and Q4 2025 earnings at $0.41 EPS.

A number of other brokerages have also recently issued reports on CORT. Truist Financial raised their target price on shares of Corcept Therapeutics from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday. StockNews.com raised Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $40.10.

Corcept Therapeutics Stock Down 2.2 %

NASDAQ:CORT traded down $0.54 during trading hours on Thursday, reaching $24.52. 1,698,297 shares of the stock were exchanged, compared to its average volume of 1,197,694. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $34.28. The stock has a market capitalization of $2.55 billion, a P/E ratio of 23.13 and a beta of 0.50. The firm has a 50 day simple moving average of $23.97 and a 200-day simple moving average of $25.23.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Wednesday, May 1st. The biotechnology company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.04. Corcept Therapeutics had a net margin of 22.38% and a return on equity of 24.19%. The firm had revenue of $146.80 million during the quarter, compared to analyst estimates of $141.19 million. During the same quarter in the previous year, the firm earned $0.14 earnings per share. The firm’s revenue for the quarter was up 38.9% compared to the same quarter last year. As a group, analysts expect that Corcept Therapeutics will post 0.98 earnings per share for the current year.

Insider Activity

In related news, CAO Joseph Douglas Lyon sold 1,000 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $26.00, for a total value of $26,000.00. Following the completion of the sale, the chief accounting officer now owns 6,774 shares of the company’s stock, valued at $176,124. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction on Monday, April 1st. The stock was sold at an average price of $25.30, for a total transaction of $55,660.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Joseph Douglas Lyon sold 1,000 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $26.00, for a total value of $26,000.00. Following the completion of the sale, the chief accounting officer now directly owns 6,774 shares in the company, valued at approximately $176,124. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,583 shares of company stock valued at $2,070,596. Company insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CORT. FinTrust Capital Advisors LLC boosted its position in shares of Corcept Therapeutics by 318.7% during the 1st quarter. FinTrust Capital Advisors LLC now owns 1,771 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 1,348 shares in the last quarter. Hussman Strategic Advisors Inc. boosted its holdings in Corcept Therapeutics by 60.0% during the first quarter. Hussman Strategic Advisors Inc. now owns 84,000 shares of the biotechnology company’s stock worth $2,116,000 after buying an additional 31,500 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Corcept Therapeutics in the first quarter worth approximately $706,000. BNP Paribas Financial Markets increased its holdings in shares of Corcept Therapeutics by 199.0% in the first quarter. BNP Paribas Financial Markets now owns 211,592 shares of the biotechnology company’s stock valued at $5,330,000 after buying an additional 140,815 shares in the last quarter. Finally, Norden Group LLC bought a new stake in shares of Corcept Therapeutics during the 1st quarter worth $2,943,000. 93.61% of the stock is owned by institutional investors and hedge funds.

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.