Corcept Therapeutics (NASDAQ:CORT) Shares Gap Up on Strong Earnings

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $23.88, but opened at $26.39. Corcept Therapeutics shares last traded at $24.56, with a volume of 280,570 shares trading hands.

The biotechnology company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.04. The company had revenue of $146.80 million for the quarter, compared to analysts’ expectations of $141.19 million. Corcept Therapeutics had a net margin of 21.86% and a return on equity of 21.98%. The firm’s revenue was up 38.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 earnings per share.

Analyst Upgrades and Downgrades

CORT has been the topic of a number of research reports. HC Wainwright reissued a “buy” rating and set a $38.00 target price on shares of Corcept Therapeutics in a report on Tuesday, April 23rd. Truist Financial upped their price target on shares of Corcept Therapeutics from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, StockNews.com upgraded shares of Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $39.70.

Insider Transactions at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 5,443 shares of the stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $26.00, for a total value of $141,518.00. Following the completion of the transaction, the insider now owns 7,314 shares in the company, valued at approximately $190,164. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Joseph Douglas Lyon sold 5,443 shares of the stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $26.00, for a total value of $141,518.00. Following the completion of the transaction, the insider now owns 7,314 shares in the company, valued at approximately $190,164. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Maduck sold 27,068 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $25.97, for a total transaction of $702,955.96. Following the completion of the transaction, the insider now owns 74,455 shares of the company’s stock, valued at approximately $1,933,596.35. The disclosure for this sale can be found here. Over the last quarter, insiders sold 81,583 shares of company stock worth $2,070,596. Insiders own 20.50% 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 business. Cambridge Investment Research Advisors Inc. acquired a new stake in Corcept Therapeutics in the 3rd quarter valued at about $4,726,000. Allspring Global Investments Holdings LLC lifted its holdings in Corcept Therapeutics by 351.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 83,697 shares of the biotechnology company’s stock valued at $2,280,000 after acquiring an additional 65,148 shares during the last quarter. HighTower Advisors LLC acquired a new stake in Corcept Therapeutics in the 3rd quarter valued at about $580,000. Linden Thomas Advisory Services LLC lifted its holdings in Corcept Therapeutics by 1.0% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 56,671 shares of the biotechnology company’s stock valued at $1,841,000 after acquiring an additional 555 shares during the last quarter. Finally, Illinois Municipal Retirement Fund acquired a new stake in Corcept Therapeutics in the 3rd quarter valued at about $1,460,000. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Performance

The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of 25.50 and a beta of 0.50. The stock’s fifty day simple moving average is $23.89 and its two-hundred day simple moving average is $25.25.

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.