HC Wainwright Reaffirms “Buy” Rating for Corcept Therapeutics (NASDAQ:CORT)

HC Wainwright reiterated their buy rating on shares of Corcept Therapeutics (NASDAQ:CORT) in a report issued on Tuesday morning, Benzinga reports. They currently have a $38.00 target price on the biotechnology company’s stock.

Other equities analysts have also issued reports about the stock. StockNews.com lowered shares of Corcept Therapeutics from a strong-buy rating to a buy rating in a report on Wednesday, April 17th. Truist Financial lifted their price objective on shares of Corcept Therapeutics from $36.00 to $42.00 and gave the company a buy rating in a report on Friday, February 16th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus price target of $39.30.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $22.21 on Tuesday. The company has a 50 day moving average price of $23.86 and a 200-day moving average price of $25.40. Corcept Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $34.28. The company has a market capitalization of $2.31 billion, a PE ratio of 23.74 and a beta of 0.48.

Corcept Therapeutics (NASDAQ:CORT) last posted 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. Corcept Therapeutics had a net margin of 21.86% and a return on equity of 21.98%. The firm had revenue of $135.41 million during the quarter, compared to the consensus estimate of $129.27 million. During the same quarter in the previous year, the firm posted $0.14 earnings per share. The company’s revenue was up 31.4% on a year-over-year basis. On average, analysts forecast that Corcept Therapeutics will post 0.92 earnings per share for the current year.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,443 shares of Corcept Therapeutics stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $26.00, for a total value of $141,518.00. Following the transaction, the insider now directly owns 7,314 shares of the company’s stock, valued at $190,164. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $22.00, for a total transaction of $48,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,443 shares of the business’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $26.00, for a total transaction of $141,518.00. Following the transaction, the insider now owns 7,314 shares of the company’s stock, valued at $190,164. The disclosure for this sale can be found here. Over the last three months, insiders have sold 83,783 shares of company stock valued at $2,118,996. 19.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. lifted its position in Corcept Therapeutics by 2,922.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 324,271 shares of the biotechnology company’s stock valued at $8,168,000 after purchasing an additional 313,543 shares during the period. Milestone Asset Management LLC acquired a new position in Corcept Therapeutics during the first quarter valued at $882,000. Raymond James Financial Services Advisors Inc. acquired a new position in Corcept Therapeutics during the first quarter valued at $1,262,000. Norden Group LLC acquired a new position in Corcept Therapeutics during the first quarter valued at $50,081,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Corcept Therapeutics by 85.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 126,807 shares of the biotechnology company’s stock valued at $3,194,000 after purchasing an additional 58,468 shares during the period. 93.61% of the stock is currently 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 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.