Corcept Therapeutics (NASDAQ:CORT) Trading 8.9% Higher – Time to Buy?

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares shot up 8.9% on Friday . The stock traded as high as $59.23 and last traded at $59.14. 559,301 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 1,185,636 shares. The stock had previously closed at $54.30.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CORT. Piper Sandler increased their target price on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 18th. 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. 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 report on Monday, September 30th. Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. Finally, StockNews.com raised Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 31st. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Corcept Therapeutics presently has a consensus rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Stock Up 9.8 %

The firm has a 50-day simple moving average of $44.32 and a 200 day simple moving average of $35.74. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The company has a market capitalization of $6.24 billion, a PE ratio of 47.30 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 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 company had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. During the same period last year, the company posted $0.28 earnings per share. The firm’s revenue was up 47.7% compared to the same quarter last year. On average, research analysts predict that Corcept Therapeutics Incorporated will post 1.31 EPS for the current fiscal year.

Insider Activity

In other news, insider Gary Charles Robb sold 3,101 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.71, for a total transaction of $110,736.71. Following the completion of the sale, the insider now directly owns 23,190 shares in the company, valued at $828,114.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider William Guyer sold 3,394 shares of Corcept Therapeutics stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $48.97, for a total value of $166,204.18. Following the completion of the transaction, the insider now directly owns 5,796 shares in the company, valued at approximately $283,830.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gary Charles Robb sold 3,101 shares of Corcept Therapeutics stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.71, for a total value of $110,736.71. Following the completion of the transaction, the insider now owns 23,190 shares of the company’s stock, valued at $828,114.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,101 shares of company stock worth $1,462,517 over the last ninety days. Corporate insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

Hedge funds have recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new position in Corcept Therapeutics in the third quarter worth about $25,000. Park Place Capital Corp acquired a new position in Corcept Therapeutics in the second quarter valued at approximately $32,000. Atwood & Palmer Inc. acquired a new position in Corcept Therapeutics in the second quarter valued at approximately $35,000. Kathleen S. Wright Associates Inc. acquired a new position in Corcept Therapeutics in the third quarter valued at approximately $36,000. Finally, Blue Trust Inc. boosted its stake in Corcept Therapeutics by 125.4% in the second quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company’s stock valued at $115,000 after acquiring an additional 1,962 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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.