Corcept Therapeutics (NASDAQ:CORT) Issues Earnings Results

by · The Markets Daily

Corcept Therapeutics (NASDAQ:CORTGet Free Report) issued its earnings results on Wednesday. The biotechnology company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.14, Briefing.com reports. The business had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a net margin of 21.93% and a return on equity of 23.66%. The company’s quarterly revenue was up 47.7% compared to the same quarter last year. During the same period last year, the company posted $0.28 earnings per share. Corcept Therapeutics updated its FY 2024 guidance to EPS.

Corcept Therapeutics Stock Performance

CORT stock traded down $0.74 during trading on Thursday, reaching $46.15. 745,747 shares of the company traded hands, compared to its average volume of 1,178,711. The business has a 50 day simple moving average of $41.60 and a 200 day simple moving average of $34.21. Corcept Therapeutics has a 12 month low of $20.84 and a 12 month high of $50.07. The company has a market capitalization of $4.80 billion, a price-to-earnings ratio of 40.24 and a beta of 0.46.

Insiders Place Their Bets

In other news, insider William Guyer sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the sale, the insider now directly owns 6,039 shares in the company, valued at approximately $213,176.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Corcept Therapeutics news, insider Gary Charles Robb sold 11,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total value of $509,080.00. Following the completion of the sale, the insider now directly owns 22,772 shares in the company, valued at approximately $1,053,888.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider William Guyer sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $35.30, for a total value of $353,000.00. Following the completion of the sale, the insider now directly owns 6,039 shares of the company’s stock, valued at approximately $213,176.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,101 shares of company stock worth $972,817. 20.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Corcept Therapeutics in a report on Thursday. Sandler O’Neill restated a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Piper Sandler upped their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Truist Financial increased their target price on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $38.00 price target on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $65.25.

View Our Latest Stock Analysis on CORT

About Corcept Therapeutics

(Get Free Report)

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.

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