Truist Financial Increases Corcept Therapeutics (NASDAQ:CORT) Price Target to $44.00

Corcept Therapeutics (NASDAQ:CORT) had its target price upped by analysts at Truist Financial from $42.00 to $44.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s price objective indicates a potential upside of 79.45% from the company’s previous close.

A number of other brokerages have also recently commented on CORT. StockNews.com upgraded Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. HC Wainwright restated a “buy” rating and issued a $38.00 price objective on shares of Corcept Therapeutics in a research report on Tuesday, April 23rd. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Corcept Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $40.10.

Corcept Therapeutics Trading Down 2.2 %

Shares of CORT stock traded down $0.54 during mid-day trading on Thursday, reaching $24.52. The stock had a trading volume of 1,698,297 shares, compared to its average volume of 1,197,694. Corcept Therapeutics has a 12-month low of $20.84 and a 12-month high of $34.28. The business has a 50-day simple moving average of $23.97 and a 200 day simple moving average of $25.23. The company has a market cap of $2.55 billion, a P/E ratio of 23.13 and a beta of 0.50.

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

Insider Buying and Selling at Corcept Therapeutics

In related news, CAO Joseph Douglas Lyon sold 1,000 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $26.00, for a total transaction of $26,000.00. Following the transaction, the chief accounting officer now directly owns 6,774 shares in the company, valued at $176,124. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Corcept Therapeutics news, CAO Joseph Douglas Lyon sold 1,000 shares of Corcept Therapeutics stock in a transaction on Friday, February 16th. The shares were sold at an average price of $26.00, for a total value of $26,000.00. Following the transaction, the chief accounting officer now owns 6,774 shares in the company, valued at approximately $176,124. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $23.59, for a total value of $51,898.00. The disclosure for this sale can be found here. In the last three months, insiders sold 81,583 shares of company stock worth $2,070,596. Insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB boosted its position in shares of Corcept Therapeutics by 11.2% in the third quarter. Handelsbanken Fonder AB now owns 19,881 shares of the biotechnology company’s stock worth $542,000 after buying an additional 2,000 shares during the period. Commonwealth Equity Services LLC acquired a new position in shares of Corcept Therapeutics in the 3rd quarter valued at approximately $202,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Corcept Therapeutics during the 3rd quarter valued at approximately $4,726,000. FinTrust Capital Advisors LLC acquired a new stake in shares of Corcept Therapeutics during the third quarter worth approximately $27,000. Finally, New York State Teachers Retirement System increased its stake in shares of Corcept Therapeutics by 2.7% in the third quarter. New York State Teachers Retirement System now owns 140,461 shares of the biotechnology company’s stock worth $3,827,000 after buying an additional 3,734 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

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.