Corcept Therapeutics Incorporated (NASDAQ:CORT – Free Report) – Equities researchers at HC Wainwright decreased their Q1 2024 earnings per share (EPS) estimates for Corcept Therapeutics in a research note issued to investors on Thursday, November 2nd. HC Wainwright analyst S. Ramakanth now forecasts that the biotechnology company will earn $0.19 per share for the quarter, down from their previous forecast of $0.23. HC Wainwright has a “Buy” rating and a $34.00 price target on the stock. The consensus estimate for Corcept Therapeutics’ current full-year earnings is $0.80 per share. HC Wainwright also issued estimates for Corcept Therapeutics’ Q2 2024 earnings at $0.17 EPS, FY2024 earnings at $0.67 EPS and FY2025 earnings at $1.10 EPS.
Several other brokerages also recently commented on CORT. Truist Financial reiterated a “hold” rating and set a $29.00 target price on shares of Corcept Therapeutics in a report on Monday, October 2nd. StockNews.com raised shares of Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Canaccord Genuity Group boosted their price objective on Corcept Therapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday, August 25th. LADENBURG THALM/SH SH increased their target price on shares of Corcept Therapeutics from $44.00 to $47.50 in a report on Thursday, August 3rd. Finally, Piper Sandler increased their price target on Corcept Therapeutics from $27.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, August 3rd. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $31.06.
Corcept Therapeutics Stock Up 1.3 %
Corcept Therapeutics stock opened at $25.62 on Monday. The firm has a fifty day moving average of $29.84 and a 200-day moving average of $26.53. Corcept Therapeutics has a 52-week low of $17.86 and a 52-week high of $34.28. The firm has a market capitalization of $2.63 billion, a P/E ratio of 31.63 and a beta of 0.43.
Corcept Therapeutics (NASDAQ:CORT – Get Free Report) last issued its quarterly earnings data on Wednesday, November 1st. The biotechnology company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.06. Corcept Therapeutics had a return on equity of 18.76% and a net margin of 20.20%. The business had revenue of $123.60 million for the quarter, compared to the consensus estimate of $119.71 million. During the same period in the prior year, the business earned $0.30 earnings per share. The business’s revenue was up 21.5% on a year-over-year basis.
Insider Activity at Corcept Therapeutics
In related news, Director David L. Mahoney sold 25,000 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $30.95, for a total transaction of $773,750.00. Following the completion of the sale, the director now directly owns 11,297 shares of the company’s stock, valued at approximately $349,642.15. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Corcept Therapeutics news, Director David L. Mahoney sold 25,000 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $30.95, for a total value of $773,750.00. Following the sale, the director now directly owns 11,297 shares in the company, valued at $349,642.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Joseph Douglas Lyon sold 3,977 shares of the company’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $28.11, for a total transaction of $111,793.47. Following the sale, the chief accounting officer now directly owns 5,854 shares in the company, valued at $164,555.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,282 shares of company stock valued at $3,842,568. Insiders own 19.80% of the company’s stock.
Hedge Funds Weigh In On Corcept Therapeutics
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FinTrust Capital Advisors LLC acquired a new stake in Corcept Therapeutics in the 3rd quarter valued at about $27,000. Lazard Asset Management LLC bought a new position in Corcept Therapeutics during the 2nd quarter worth $28,000. Pinebridge Investments L.P. bought a new position in Corcept Therapeutics during the 2nd quarter worth $31,000. Tower Research Capital LLC TRC acquired a new stake in shares of Corcept Therapeutics during the second quarter worth $39,000. Finally, Strs Ohio acquired a new position in shares of Corcept Therapeutics in the third quarter valued at about $54,000. 78.80% 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 metabolic, oncologic, endocrine, and neurological disorders in the United States. It offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery.
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