Corcept Therapeutics’ (CORT) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Corcept Therapeutics (NASDAQ:CORT) in a research note issued to investors on Tuesday, Benzinga reports. HC Wainwright currently has a $38.00 target price on the biotechnology company’s stock.

A number of other brokerages have also recently commented on CORT. Truist Financial lifted their target price on Corcept Therapeutics from $36.00 to $42.00 and gave the stock a buy rating in a report on Friday, February 16th. StockNews.com cut Corcept Therapeutics from a strong-buy rating to a buy rating in a report on Wednesday, April 17th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $39.30.

Corcept Therapeutics Price Performance

NASDAQ CORT opened at $23.00 on Tuesday. The stock has a market capitalization of $2.39 billion, a PE ratio of 24.26 and a beta of 0.48. The business has a 50 day simple moving average of $23.89 and a two-hundred day simple moving average of $25.44. Corcept Therapeutics has a 1-year low of $20.84 and a 1-year high of $34.28.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Thursday, February 15th. The biotechnology company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.03. The business had revenue of $135.41 million during the quarter, compared to analysts’ expectations of $129.27 million. Corcept Therapeutics had a return on equity of 21.98% and a net margin of 21.86%. The firm’s revenue for the quarter was up 31.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.14 EPS. On average, analysts anticipate that Corcept Therapeutics will post 0.92 EPS for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 5,443 shares of the company’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $26.00, for a total transaction of $141,518.00. Following the transaction, the insider now directly owns 7,314 shares of the company’s stock, valued at approximately $190,164. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $22.00, for a total value of $48,400.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Joseph Douglas Lyon sold 5,443 shares of the company’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $26.00, for a total value of $141,518.00. Following the completion of 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 three months, insiders sold 83,783 shares of company stock valued at $2,118,996. Corporate insiders own 18.60% of the company’s stock.

Institutional Trading of Corcept Therapeutics

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Corcept Therapeutics by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 9,537,532 shares of the biotechnology company’s stock worth $309,779,000 after buying an additional 239,887 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Corcept Therapeutics by 1.2% in the fourth quarter. Parallel Advisors LLC now owns 3,768,245 shares of the biotechnology company’s stock valued at $122,393,000 after purchasing an additional 44,762 shares during the last quarter. Norden Group LLC acquired a new stake in Corcept Therapeutics during the first quarter worth $50,081,000. Boston Trust Walden Corp increased its stake in Corcept Therapeutics by 1.1% during the fourth quarter. Boston Trust Walden Corp now owns 1,846,924 shares of the biotechnology company’s stock worth $59,988,000 after acquiring an additional 19,877 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Corcept Therapeutics by 4.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 900,444 shares of the biotechnology company’s stock worth $29,246,000 after acquiring an additional 39,111 shares during the last quarter. Hedge funds and other institutional investors own 93.61% 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.