Corcept Therapeutics (NASDAQ:CORT) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Corcept Therapeutics (NASDAQ:CORT) in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a $140.00 price objective on the biotechnology company’s stock.

Separately, Piper Sandler lowered their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an “overweight” rating on the stock in a report on Friday, August 1st. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $135.25.

Corcept Therapeutics Price Performance

CORT stock opened at $82.73 on Thursday. The firm’s fifty day simple moving average is $71.93 and its 200-day simple moving average is $70.93. The company has a market capitalization of $8.72 billion, a P/E ratio of 73.21 and a beta of 0.29. Corcept Therapeutics has a 12 month low of $42.01 and a 12 month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The business had revenue of $194.43 million for the quarter, compared to the consensus estimate of $199.40 million. During the same period in the prior year, the firm earned $0.32 EPS. The business’s revenue for the quarter was up 18.7% on a year-over-year basis. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that Corcept Therapeutics will post 1.36 earnings per share for the current year.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 35,007 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the completion of the transaction, the insider directly owned 7,681 shares in the company, valued at approximately $520,694.99. This represents a 82.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,823 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $67.51, for a total transaction of $393,110.73. Following the transaction, the insider owned 10,066 shares of the company’s stock, valued at $679,555.66. This represents a 36.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 222,215 shares of company stock valued at $15,572,699. Insiders own 20.80% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

A number of large investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. raised its position in Corcept Therapeutics by 37.1% during the second quarter. Osaic Holdings Inc. now owns 16,773 shares of the biotechnology company’s stock worth $1,320,000 after acquiring an additional 4,541 shares during the period. Thrivent Financial for Lutherans raised its position in Corcept Therapeutics by 1.3% during the second quarter. Thrivent Financial for Lutherans now owns 69,399 shares of the biotechnology company’s stock worth $5,094,000 after acquiring an additional 905 shares during the period. Coppell Advisory Solutions LLC raised its position in Corcept Therapeutics by 82.6% during the second quarter. Coppell Advisory Solutions LLC now owns 31,615 shares of the biotechnology company’s stock worth $2,315,000 after acquiring an additional 14,305 shares during the period. Kestra Investment Management LLC raised its position in shares of Corcept Therapeutics by 20.9% in the second quarter. Kestra Investment Management LLC now owns 3,040 shares of the biotechnology company’s stock valued at $223,000 after buying an additional 526 shares during the last quarter. Finally, Castleark Management LLC acquired a new stake in shares of Corcept Therapeutics in the second quarter valued at about $2,711,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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.