Corcept Therapeutics (NASDAQ:CORT) Shares Up 7.9% – Time to Buy?

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s share price traded up 7.9% during mid-day trading on Tuesday . The company traded as high as $59.48 and last traded at $59.67. 304,432 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 699,583 shares. The stock had previously closed at $55.31.

Analysts Set New Price Targets

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

Corcept Therapeutics Stock Performance

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

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

Insiders Place Their Bets

In other Corcept Therapeutics news, insider William Guyer sold 6,606 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $48.97, for a total transaction of $323,495.82. Following the sale, the insider now owns 5,796 shares of the company’s stock, valued at approximately $283,830.12. This trade represents a 53.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $50.54, for a total transaction of $111,188.00. The disclosure for this sale can be found here. Insiders sold 38,011 shares of company stock worth $1,951,268 in the last 90 days. Corporate insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

Large investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new position in Corcept Therapeutics during the third quarter worth about $25,000. Kathleen S. Wright Associates Inc. purchased a new position in Corcept Therapeutics in the third quarter worth $36,000. USA Financial Formulas acquired a new stake in Corcept Therapeutics in the fourth quarter valued at $54,000. GAMMA Investing LLC grew its stake in shares of Corcept Therapeutics by 85.4% during the 3rd quarter. GAMMA Investing LLC now owns 2,490 shares of the biotechnology company’s stock worth $115,000 after purchasing an additional 1,147 shares during the period. Finally, KBC Group NV increased its holdings in shares of Corcept Therapeutics by 21.3% in the 3rd quarter. KBC Group NV now owns 2,822 shares of the biotechnology company’s stock valued at $131,000 after purchasing an additional 496 shares in the last quarter. 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.