Truist Financial Increases Corcept Therapeutics (NASDAQ:CORT) Price Target to $76.00

Corcept Therapeutics (NASDAQ:CORT) had its target price raised by equities researchers at Truist Financial from $65.00 to $76.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s target price would suggest a potential upside of 62.57% from the stock’s current price.

A number of other equities research analysts have also issued reports on CORT. HC Wainwright upped their target price on shares of Corcept Therapeutics from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Piper Sandler upped their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $38.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $56.50.

Corcept Therapeutics Stock Up 1.0 %

Corcept Therapeutics stock opened at $46.75 on Monday. Corcept Therapeutics has a 52-week low of $20.84 and a 52-week high of $47.71. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 44.10 and a beta of 0.45. The company has a fifty day simple moving average of $36.63 and a 200-day simple moving average of $30.93.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Monday, July 29th. The biotechnology company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.09. Corcept Therapeutics had a net margin of 21.93% and a return on equity of 23.66%. The business had revenue of $163.80 million during the quarter, compared to analyst estimates of $155.14 million. During the same quarter in the prior year, the firm earned $0.25 earnings per share. The company’s revenue for the quarter was up 39.1% compared to the same quarter last year. On average, research analysts anticipate that Corcept Therapeutics will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider Gary Charles Robb sold 11,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total value of $509,080.00. Following the transaction, the insider now owns 22,772 shares of the company’s stock, valued at $1,053,888.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Corcept Therapeutics news, insider Gary Charles Robb sold 11,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total value of $509,080.00. Following the transaction, the insider now owns 22,772 shares of the company’s stock, valued at $1,053,888.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider William Guyer sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $38.67, for a total transaction of $386,700.00. Following the completion of the transaction, the insider now directly owns 6,039 shares in the company, valued at approximately $233,528.13. The disclosure for this sale can be found here. Insiders have sold 34,251 shares of company stock valued at $1,365,292 over the last 90 days. 20.50% of the stock is owned by insiders.

Institutional Trading of Corcept Therapeutics

Several hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its position in shares of Corcept Therapeutics by 10.5% during the second quarter. Nisa Investment Advisors LLC now owns 5,368 shares of the biotechnology company’s stock worth $174,000 after purchasing an additional 510 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Corcept Therapeutics by 0.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 127,348 shares of the biotechnology company’s stock worth $4,138,000 after buying an additional 541 shares during the period. GAMMA Investing LLC increased its stake in shares of Corcept Therapeutics by 90.6% during the first quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock worth $31,000 after buying an additional 579 shares during the period. Bank of Montreal Can increased its stake in shares of Corcept Therapeutics by 5.0% during the second quarter. Bank of Montreal Can now owns 12,156 shares of the biotechnology company’s stock worth $395,000 after buying an additional 580 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Corcept Therapeutics by 1.9% during the second quarter. The Manufacturers Life Insurance Company now owns 48,780 shares of the biotechnology company’s stock worth $1,585,000 after buying an additional 932 shares during the period. Institutional investors and hedge funds 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.