Corcept Therapeutics (NASDAQ:CORT) Sets New 1-Year High – Time to Buy?

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) hit a new 52-week high on Tuesday . The company traded as high as $92.83 and last traded at $91.61, with a volume of 1171739 shares changing hands. The stock had previously closed at $90.21.

Analysts Set New Price Targets

Several research firms recently weighed in on CORT. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. Piper Sandler boosted their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Wolfe Research raised shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Finally, Canaccord Genuity Group lifted their price objective on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Corcept Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $88.83.

Corcept Therapeutics Trading Up 1.6%

The company’s 50-day moving average is $68.89 and its 200-day moving average is $52.27. The firm has a market cap of $9.83 billion, a price-to-earnings ratio of 261.75 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The firm had revenue of $164.90 million for the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business earned $0.17 EPS. Equities research analysts forecast that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $51.83, for a total transaction of $1,036,600.00. Following the transaction, the insider directly owned 2,231 shares of the company’s stock, valued at $115,632.73. The trade was a 89.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sean Maduck sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $65.59, for a total transaction of $4,919,250.00. Following the sale, the insider owned 8,977 shares of the company’s stock, valued at $588,801.43. This trade represents a 89.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 280,000 shares of company stock valued at $20,225,450 over the last 90 days. Insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC raised its position in shares of Corcept Therapeutics by 2.5% in the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock worth $160,329,000 after acquiring an additional 96,763 shares in the last quarter. State Street Corp raised its holdings in Corcept Therapeutics by 0.5% in the 4th quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company’s stock worth $103,915,000 after purchasing an additional 15,656 shares during the period. Geode Capital Management LLC boosted its stake in shares of Corcept Therapeutics by 38.0% in the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock worth $92,892,000 after acquiring an additional 734,646 shares during the period. First Trust Advisors LP grew its holdings in Corcept Therapeutics by 213.5% during the 1st quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock valued at $87,609,000 after buying an additional 1,480,059 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of Corcept Therapeutics by 34.1% during the 4th quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company’s stock valued at $55,404,000 after purchasing an additional 405,081 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.