Corcept Therapeutics (NASDAQ:CORT) Issues Quarterly Earnings Results

Corcept Therapeutics (NASDAQ:CORT) issued its quarterly earnings data on Monday. The biotechnology company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.23 by $0.09, Briefing.com reports. The business had revenue of $163.80 million during the quarter, compared to analyst estimates of $155.14 million. Corcept Therapeutics had a net margin of 22.38% and a return on equity of 24.19%. Corcept Therapeutics’s quarterly revenue was up 39.1% compared to the same quarter last year. During the same period last year, the business posted $0.25 earnings per share. Corcept Therapeutics updated its FY 2024 guidance to EPS.

Corcept Therapeutics Trading Down 5.2 %

NASDAQ:CORT traded down $1.89 during trading hours on Tuesday, reaching $34.64. The company had a trading volume of 1,104,707 shares, compared to its average volume of 1,309,531. The firm’s 50 day moving average price is $31.50 and its 200-day moving average price is $26.61. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of 32.10 and a beta of 0.44. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $38.98.

Analyst Ratings Changes

A number of brokerages have weighed in on CORT. HC Wainwright upped their price objective on shares of Corcept Therapeutics from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday. StockNews.com cut Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 3rd. Piper Sandler increased their target price on Corcept Therapeutics from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Truist Financial reiterated a “buy” rating and issued a $65.00 price target on shares of Corcept Therapeutics in a research note on Monday, June 17th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $46.70.

Insider Activity

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $32.49, for a total transaction of $162,450.00. Following the completion of the sale, the insider now owns 9,290 shares in the company, valued at $301,832.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $30.21, for a total transaction of $66,462.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $32.49, for a total value of $162,450.00. Following the completion of the sale, the insider now owns 9,290 shares of the company’s stock, valued at $301,832.10. The disclosure for this sale can be found here. Insiders have sold 93,457 shares of company stock valued at $2,655,766 in the last ninety days. 20.50% of the stock is currently owned by company insiders.

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.