Corcept Therapeutics (NASDAQ:CORT) Given New $67.00 Price Target at Piper Sandler

Corcept Therapeutics (NASDAQ:CORT) had its price objective upped by Piper Sandler from $38.00 to $67.00 in a report published on Wednesday, Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

A number of other analysts have also recently commented on CORT. Truist Financial reaffirmed a buy rating and issued a $65.00 price target on shares of Corcept Therapeutics in a research note on Monday, June 17th. HC Wainwright upped their target price on shares of Corcept Therapeutics from $40.00 to $45.00 and gave the company a buy rating in a research note on Tuesday, July 30th. Finally, Canaccord Genuity Group reissued a buy rating and set a $38.00 price target on shares of Corcept Therapeutics in a research report on Tuesday, July 30th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Corcept Therapeutics presently has a consensus rating of Buy and a consensus price target of $53.75.

Corcept Therapeutics Stock Performance

Shares of CORT stock opened at $42.25 on Wednesday. The firm’s 50 day moving average price is $35.38 and its two-hundred day moving average price is $30.04. Corcept Therapeutics has a 52-week low of $20.84 and a 52-week high of $43.74. The stock has a market cap of $4.40 billion, a PE ratio of 39.86 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Monday, July 29th. The biotechnology company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.09. The business had revenue of $163.80 million for the quarter, compared to analyst estimates of $155.14 million. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The firm’s revenue was up 39.1% on a year-over-year basis. During the same period last year, the company earned $0.25 EPS. As a group, sell-side analysts predict that Corcept Therapeutics will post 1.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Corcept Therapeutics news, insider William Guyer sold 10,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the transaction, the insider now owns 6,039 shares of the company’s stock, valued at $213,176.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider William Guyer sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $35.30, for a total value of $353,000.00. Following the sale, the insider now directly owns 6,039 shares in the company, valued at $213,176.70. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Gary Charles Robb sold 3,101 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.71, for a total value of $110,736.71. Following the transaction, the insider now directly owns 23,190 shares of the company’s stock, valued at $828,114.90. The disclosure for this sale can be found here. In the last three months, insiders sold 30,451 shares of company stock valued at $1,090,844. 20.50% of the stock is owned by corporate insiders.

Institutional Trading of Corcept Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in Corcept Therapeutics by 90.6% in the first quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 579 shares in the last quarter. Park Place Capital Corp bought a new position in shares of Corcept Therapeutics in the 2nd quarter valued at about $32,000. Atwood & Palmer Inc. acquired a new stake in shares of Corcept Therapeutics in the second quarter valued at about $35,000. FinTrust Capital Advisors LLC raised its holdings in Corcept Therapeutics by 318.7% during the first quarter. FinTrust Capital Advisors LLC now owns 1,771 shares of the biotechnology company’s stock worth $45,000 after acquiring an additional 1,348 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its position in Corcept Therapeutics by 27.0% during the fourth quarter. Quadrant Capital Group LLC now owns 2,107 shares of the biotechnology company’s stock valued at $68,000 after purchasing an additional 448 shares during the last quarter. 93.61% of the stock is currently 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.