Corcept Therapeutics (NASDAQ:CORT) Reaches New 52-Week High – Time to Buy?

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares reached a new 52-week high on Thursday . The company traded as high as $62.46 and last traded at $62.50, with a volume of 624163 shares traded. The stock had previously closed at $59.03.

Wall Street Analysts Forecast Growth

CORT has been the topic of a number of recent research reports. StockNews.com lowered shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Monday, November 25th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Finally, Truist Financial boosted their price target on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Price Performance

The stock has a market capitalization of $6.53 billion, a P/E ratio of 49.44 and a beta of 0.56. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The business has a fifty day simple moving average of $54.85 and a 200-day simple moving average of $45.44.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.27 by $0.14. The company had revenue of $182.55 million during the quarter, compared to the consensus estimate of $171.97 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm’s revenue for the quarter was up 47.7% compared to the same quarter last year. During the same period last year, the business posted $0.28 EPS. Sell-side analysts expect that Corcept Therapeutics Incorporated will post 1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider William Guyer sold 6,606 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $48.97, for a total transaction of $323,495.82. Following the transaction, the insider now owns 5,796 shares of the company’s stock, valued at $283,830.12. The trade was a 53.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Sean Maduck sold 20,000 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $50.39, for a total value of $1,007,800.00. Following the completion of the sale, the insider now directly owns 85,318 shares of the company’s stock, valued at $4,299,174.02. The trade was a 18.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,011 shares of company stock worth $1,951,268 in the last ninety days. Corporate insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Corcept Therapeutics by 0.6% during the 3rd quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock worth $162,871,000 after buying an additional 19,893 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Corcept Therapeutics by 4.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,676,335 shares of the biotechnology company’s stock worth $86,952,000 after acquiring an additional 108,658 shares during the period. Geode Capital Management LLC boosted its position in Corcept Therapeutics by 4.4% in the third quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock worth $110,108,000 after purchasing an additional 99,470 shares during the last quarter. FMR LLC grew its stake in Corcept Therapeutics by 24.6% in the 3rd quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock valued at $63,122,000 after purchasing an additional 269,074 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Corcept Therapeutics by 40.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,223,781 shares of the biotechnology company’s stock valued at $56,637,000 after purchasing an additional 352,947 shares during the last quarter. 93.61% of the stock is currently 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 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.