Corcept Therapeutics (NASDAQ:CORT) Shares Gap Up – Here’s What Happened

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $36.31, but opened at $41.51. Corcept Therapeutics shares last traded at $41.2310, with a volume of 2,669,408 shares trading hands.

Analyst Ratings Changes

Several research analysts have issued reports on CORT shares. Wall Street Zen cut Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Zacks Research downgraded shares of Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 13th. UBS Group initiated coverage on shares of Corcept Therapeutics in a research note on Tuesday, December 16th. They issued a “neutral” rating and a $95.00 price objective for the company. Wolfe Research lowered shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $30.00 target price on the stock. in a research report on Wednesday, December 31st. Finally, Truist Financial set a $50.00 target price on shares of Corcept Therapeutics in a report on Wednesday, December 31st. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $83.33.

Corcept Therapeutics Trading Up 14.8%

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.14 and a quick ratio of 3.07. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of 47.38 and a beta of 0.23. The business’s 50-day moving average price is $66.56 and its two-hundred day moving average price is $71.47.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.02). Corcept Therapeutics had a return on equity of 15.99% and a net margin of 14.19%.The firm had revenue of $207.64 million during the quarter, compared to analysts’ expectations of $223.78 million. During the same period in the previous year, the firm posted $0.41 earnings per share. The firm’s revenue was up 13.8% on a year-over-year basis. Equities analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Sean Maduck sold 20,000 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $79.52, for a total transaction of $1,590,400.00. Following the completion of the transaction, the insider owned 7,904 shares of the company’s stock, valued at $628,526.08. This represents a 71.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $73.65, for a total transaction of $368,250.00. Following the transaction, the insider owned 10,277 shares in the company, valued at approximately $756,901.05. The trade was a 32.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 194,500 shares of company stock valued at $14,186,410. 20.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of CORT. AQR Capital Management LLC grew its position in Corcept Therapeutics by 546.9% during the third quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock valued at $125,264,000 after acquiring an additional 1,274,215 shares during the period. Norges Bank purchased a new stake in Corcept Therapeutics during the 2nd quarter worth $72,048,000. TD Asset Management Inc acquired a new stake in Corcept Therapeutics in the 2nd quarter valued at $60,179,000. Epoch Investment Partners Inc. acquired a new stake in Corcept Therapeutics in the 2nd quarter valued at $56,181,000. Finally, JPMorgan Chase & Co. raised its position in Corcept Therapeutics by 223.4% in the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock valued at $70,632,000 after purchasing an additional 587,053 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

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.