Corcept Therapeutics (NASDAQ:CORT) Shares Gap Up on Better-Than-Expected Earnings

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. 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.

The biotechnology company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.21 by $0.04. The company had revenue of $146.80 million during the quarter, compared to the consensus estimate of $141.19 million. Corcept Therapeutics had a net margin of 22.38% and a return on equity of 25.29%. The company’s revenue for the quarter was up 38.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 earnings per share.

Analyst Ratings Changes

CORT has been the subject of a number of analyst reports. Truist Financial boosted their price target on Corcept Therapeutics from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday. HC Wainwright upped their price target on shares of Corcept Therapeutics from $38.00 to $40.00 and gave the company a “buy” rating in a report on Thursday. Finally, StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $40.10.

Insider Buying and Selling at Corcept Therapeutics

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $23.59, for a total transaction of $51,898.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $23.59, for a total value of $51,898.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Sean Maduck sold 27,068 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $25.97, for a total value of $702,955.96. Following the completion of the transaction, the insider now owns 74,455 shares of the company’s stock, valued at $1,933,596.35. The disclosure for this sale can be found here. Insiders sold a total of 81,583 shares of company stock valued at $2,070,596 in the last ninety days. Company insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Several institutional investors have recently made changes to their positions in the business. Quadrant Capital Group LLC lifted its stake in Corcept Therapeutics by 27.0% during the fourth quarter. Quadrant Capital Group LLC now owns 2,107 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 448 shares during the period. Nisa Investment Advisors LLC raised its stake in Corcept Therapeutics by 9.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,900 shares of the biotechnology company’s stock worth $192,000 after acquiring an additional 500 shares in the last quarter. Linden Thomas Advisory Services LLC lifted its holdings in shares of Corcept Therapeutics by 1.0% during the fourth 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 period. GAMMA Investing LLC boosted its stake in shares of Corcept Therapeutics by 90.6% in the 1st quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 579 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Corcept Therapeutics by 1.5% in the 4th quarter. Exchange Traded Concepts LLC now owns 44,448 shares of the biotechnology company’s stock worth $1,444,000 after purchasing an additional 641 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Trading Down 2.2 %

The stock has a market capitalization of $2.55 billion, a P/E ratio of 23.13 and a beta of 0.50. The firm’s fifty day moving average is $23.97 and its 200-day moving average is $25.23.

Corcept Therapeutics Company Profile

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.