Piper Sandler Issues Pessimistic Forecast for Corcept Therapeutics (NASDAQ:CORT) Stock Price

Corcept Therapeutics (NASDAQ:CORT) had its price objective dropped by stock analysts at Piper Sandler from $131.00 to $121.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s price objective suggests a potential upside of 75.36% from the stock’s previous close.

Several other brokerages have also issued reports on CORT. HC Wainwright dropped their price target on Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Wall Street Zen cut Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, May 14th. Finally, Truist Financial set a $135.00 target price on Corcept Therapeutics in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $134.50.

Corcept Therapeutics Trading Up 2.7%

CORT stock opened at $69.00 on Friday. The company’s 50 day moving average is $71.62 and its 200 day moving average is $68.43. The stock has a market cap of $7.32 billion, a price-to-earnings ratio of 61.06 and a beta of 0.20. Corcept Therapeutics has a 1-year low of $32.33 and a 1-year high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 19.86%. The firm had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. During the same quarter in the prior year, the firm earned $0.32 EPS. The business’s revenue for the quarter was up 18.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Corcept Therapeutics will post 1.36 EPS for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In other news, insider William Guyer sold 32,262 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $74.17, for a total transaction of $2,392,872.54. Following the completion of the sale, the insider owned 5,487 shares of the company’s stock, valued at approximately $406,970.79. This represents a 85.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David L. Mahoney sold 27,352 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $74.23, for a total transaction of $2,030,338.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,038 shares of company stock valued at $13,237,621. 20.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Brooklyn Investment Group increased its stake in shares of Corcept Therapeutics by 99.5% during the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company’s stock valued at $43,000 after buying an additional 186 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company’s stock worth $71,000 after purchasing an additional 313 shares in the last quarter. Covestor Ltd raised its stake in Corcept Therapeutics by 1,741.2% in the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company’s stock worth $72,000 after buying an additional 592 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Corcept Therapeutics by 1,150.8% in the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company’s stock valued at $84,000 after purchasing an additional 679 shares during the period. Finally, USA Financial Formulas purchased a new position in Corcept Therapeutics during the second quarter valued at $56,000. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

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.