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

Corcept Therapeutics Incorporated (NASDAQ:CORT) gapped up before the market opened on Thursday following a stronger than expected earnings report. 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 changing hands.

The biotechnology company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.04. The firm had revenue of $146.80 million for the quarter, compared to the consensus estimate of $141.19 million. Corcept Therapeutics had a net margin of 21.86% and a return on equity of 21.98%. The company’s revenue was up 38.9% on a year-over-year basis. During the same period last year, the firm posted $0.14 EPS.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. StockNews.com raised shares of Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, April 23rd. Finally, Truist Financial increased their target price on shares of Corcept Therapeutics from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $39.70.

Insider Activity

In other news, insider Sean Maduck sold 27,068 shares of Corcept Therapeutics stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $25.97, for a total value of $702,955.96. Following the sale, the insider now owns 74,455 shares of the company’s stock, valued at $1,933,596.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Joseph Douglas Lyon sold 1,000 shares of Corcept Therapeutics stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $26.00, for a total value of $26,000.00. Following the sale, the chief accounting officer now owns 6,774 shares of the company’s stock, valued at $176,124. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sean Maduck sold 27,068 shares of the firm’s 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 sale, 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. Insiders have sold a total of 81,583 shares of company stock valued at $2,070,596 over the last quarter. Corporate insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FinTrust Capital Advisors LLC acquired a new stake in shares of Corcept Therapeutics in the third quarter valued at about $27,000. GAMMA Investing LLC raised its position in Corcept Therapeutics by 90.6% during the first quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 579 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in Corcept Therapeutics during the fourth quarter worth about $32,000. Gladius Capital Management LP acquired a new position in Corcept Therapeutics during the fourth quarter worth about $36,000. Finally, Planned Solutions Inc. acquired a new position in Corcept Therapeutics during the fourth quarter worth about $45,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Price Performance

The company has a market cap of $2.55 billion, a price-to-earnings ratio of 25.50 and a beta of 0.50. The business’s 50-day simple moving average is $23.89 and its 200-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.