Corcept Therapeutics (NASDAQ:CORT) Posts Earnings Results

Corcept Therapeutics (NASDAQ:CORT) announced its earnings results on Monday. The biotechnology company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.09, Briefing.com reports. Corcept Therapeutics had a return on equity of 24.72% and a net margin of 21.93%. The company had revenue of $163.80 million during the quarter, compared to analyst estimates of $155.14 million. During the same period last year, the company posted $0.25 earnings per share. The firm’s quarterly revenue was up 39.1% compared to the same quarter last year. Corcept Therapeutics updated its FY 2024 guidance to EPS.

Corcept Therapeutics Price Performance

NASDAQ:CORT opened at $36.16 on Wednesday. The stock has a market capitalization of $3.76 billion, a PE ratio of 34.08 and a beta of 0.44. The business’s 50-day simple moving average is $31.65 and its 200-day simple moving average is $26.70. Corcept Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $38.98.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. HC Wainwright raised their target price on Corcept Therapeutics from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 3rd. Piper Sandler lifted their price objective on Corcept Therapeutics from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Tuesday. Canaccord Genuity Group reiterated a “buy” rating and issued a $38.00 price objective on shares of Corcept Therapeutics in a research report on Tuesday. Finally, Truist Financial reiterated a “buy” rating and issued a $65.00 price objective on shares of Corcept Therapeutics in a research report on Monday, June 17th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $46.70.

Insider Buying and Selling at Corcept Therapeutics

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $32.81, for a total transaction of $72,182.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $32.81, for a total transaction of $72,182.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 7,227 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $26.00, for a total value of $187,902.00. Following the sale, the insider now owns 7,314 shares in the company, valued at approximately $190,164. The disclosure for this sale can be found here. In the last quarter, insiders have sold 93,457 shares of company stock worth $2,655,766. Corporate insiders own 20.50% of the company’s stock.

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.