Corcept Therapeutics (NASDAQ:CORT) Posts Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Corcept Therapeutics (NASDAQ:CORT) posted its quarterly earnings data on Wednesday. The biotechnology company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.14, Briefing.com reports. Corcept Therapeutics had a net margin of 21.93% and a return on equity of 23.66%. The business had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. During the same quarter last year, the business earned $0.28 earnings per share. The business’s revenue for the quarter was up 47.7% on a year-over-year basis. Corcept Therapeutics updated its FY 2024 guidance to EPS.

Corcept Therapeutics Stock Performance

Shares of CORT stock traded up $0.31 during trading on Thursday, hitting $47.20. 905,709 shares of the company were exchanged, compared to its average volume of 1,179,469. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of 44.55 and a beta of 0.46. The business’s 50-day simple moving average is $41.85 and its 200 day simple moving average is $34.29. Corcept Therapeutics has a twelve month low of $20.84 and a twelve month high of $50.07.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CORT shares. HC Wainwright reaffirmed a “buy” rating and set a $80.00 target price on shares of Corcept Therapeutics in a report on Thursday. Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Canaccord Genuity Group restated a “buy” rating and issued a $38.00 price target on shares of Corcept Therapeutics in a research report on Tuesday, July 30th. Truist Financial raised their price objective on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Finally, Piper Sandler boosted their target price on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 18th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $65.25.

Insiders Place Their Bets

In related news, insider Gary Charles Robb sold 11,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the sale, the insider now directly owns 22,772 shares in the company, valued at approximately $1,053,888.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider William Guyer sold 10,000 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 6,039 shares in the company, valued at approximately $213,176.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Gary Charles Robb sold 11,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total value of $509,080.00. Following the transaction, the insider now owns 22,772 shares in the company, valued at approximately $1,053,888.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,101 shares of company stock worth $972,817 in the last quarter. 20.50% of the stock is currently owned by corporate insiders.

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.