Corcept Therapeutics (NASDAQ:CORT) Upgraded by Truist Financial to Buy

Truist Financial upgraded shares of Corcept Therapeutics (NASDAQ:CORT) from a hold rating to a buy rating in a report released on Monday, Marketbeat.com reports. Truist Financial currently has $38.00 price target on the biotechnology company’s stock, up from their prior price target of $29.00.

A number of other equities research analysts also recently commented on CORT. HC Wainwright raised their price objective on shares of Corcept Therapeutics from $32.00 to $34.00 and gave the company a buy rating in a research report on Thursday, November 2nd. Canaccord Genuity Group raised their price target on Corcept Therapeutics from $34.00 to $35.00 and gave the company a buy rating in a report on Friday, August 25th. StockNews.com raised Corcept Therapeutics from a buy rating to a strong-buy rating in a report on Thursday, November 2nd. Piper Sandler raised their target price on Corcept Therapeutics from $27.00 to $31.00 and gave the company an overweight rating in a report on Thursday, August 3rd. Finally, LADENBURG THALM/SH SH upped their price target on shares of Corcept Therapeutics from $44.00 to $47.50 in a research note on Thursday, August 3rd. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $32.19.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $25.91 on Monday. Corcept Therapeutics has a fifty-two week low of $17.86 and a fifty-two week high of $34.28. The firm has a 50-day simple moving average of $29.72 and a 200-day simple moving average of $26.55. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 31.99 and a beta of 0.43.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Wednesday, November 1st. The biotechnology company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.06. The company had revenue of $123.60 million during the quarter, compared to analysts’ expectations of $119.71 million. Corcept Therapeutics had a return on equity of 18.76% and a net margin of 20.20%. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same period last year, the firm earned $0.30 EPS. Equities research analysts forecast that Corcept Therapeutics will post 0.8 EPS for the current year.

Insiders Place Their Bets

In related news, insider Sean Maduck sold 3,031 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $27.24, for a total transaction of $82,564.44. Following the completion of the transaction, the insider now directly owns 73,610 shares in the company, valued at approximately $2,005,136.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Joseph Douglas Lyon sold 3,977 shares of Corcept Therapeutics stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $28.11, for a total value of $111,793.47. Following the completion of the sale, the chief accounting officer now owns 5,854 shares of the company’s stock, valued at $164,555.94. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sean Maduck sold 3,031 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $27.24, for a total transaction of $82,564.44. Following the transaction, the insider now directly owns 73,610 shares of the company’s stock, valued at approximately $2,005,136.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 127,282 shares of company stock worth $3,842,568. Insiders own 19.80% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Several institutional investors have recently made changes to their positions in the stock. Illinois Municipal Retirement Fund purchased a new stake in Corcept Therapeutics during the third quarter valued at about $1,460,000. Versor Investments LP grew its holdings in shares of Corcept Therapeutics by 103.7% during the 3rd quarter. Versor Investments LP now owns 22,813 shares of the biotechnology company’s stock worth $622,000 after purchasing an additional 11,613 shares during the period. Los Angeles Capital Management LLC increased its position in Corcept Therapeutics by 396.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 59,291 shares of the biotechnology company’s stock worth $1,615,000 after purchasing an additional 47,359 shares in the last quarter. Teacher Retirement System of Texas increased its position in Corcept Therapeutics by 4.7% during the 3rd quarter. Teacher Retirement System of Texas now owns 24,531 shares of the biotechnology company’s stock worth $668,000 after purchasing an additional 1,108 shares in the last quarter. Finally, Clearview Wealth Advisors LLC grew its stake in Corcept Therapeutics by 31,472.5% during the third quarter. Clearview Wealth Advisors LLC now owns 25,258 shares of the biotechnology company’s stock worth $688,000 after buying an additional 25,178 shares during the period. 78.80% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Company Profile

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.