Zacks Research Has Positive Outlook of CORT FY2024 Earnings

Corcept Therapeutics Incorporated (NASDAQ:CORT) – Investment analysts at Zacks Research raised their FY2024 earnings per share estimates for shares of Corcept Therapeutics in a research note issued to investors on Wednesday, November 20th. Zacks Research analyst K. Das now anticipates that the biotechnology company will post earnings of $1.26 per share for the year, up from their previous estimate of $1.03. The consensus estimate for Corcept Therapeutics’ current full-year earnings is $1.35 per share. Zacks Research also issued estimates for Corcept Therapeutics’ Q1 2025 earnings at $0.29 EPS and Q2 2026 earnings at $0.53 EPS.

A number of other research firms have also recently commented on CORT. StockNews.com cut Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Monday. Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Canaccord Genuity Group reiterated a “buy” rating and issued a $38.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Piper Sandler upped their price objective on Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Finally, Truist Financial upped their price target on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $65.25.

Corcept Therapeutics Price Performance

CORT stock opened at $58.58 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The business has a 50 day simple moving average of $48.82 and a 200-day simple moving average of $38.29. The firm has a market capitalization of $6.14 billion, a PE ratio of 46.49 and a beta of 0.45. Corcept Therapeutics has a 1 year low of $20.84 and a 1 year high of $61.66.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.14. The business had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business’s revenue was up 47.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.28 earnings per share.

Hedge Funds Weigh In On Corcept Therapeutics

Hedge funds have recently made changes to their positions in the company. Oak Ridge Investments LLC purchased a new position in shares of Corcept Therapeutics during the second quarter worth about $984,000. M&G PLC acquired a new stake in shares of Corcept Therapeutics during the third quarter worth about $11,173,000. Milestone Asset Management LLC boosted its stake in shares of Corcept Therapeutics by 47.4% during the second quarter. Milestone Asset Management LLC now owns 51,599 shares of the biotechnology company’s stock worth $1,676,000 after buying an additional 16,593 shares during the period. Vanguard Group Inc. boosted its stake in shares of Corcept Therapeutics by 0.3% during the first quarter. Vanguard Group Inc. now owns 9,565,782 shares of the biotechnology company’s stock worth $240,962,000 after buying an additional 28,250 shares during the period. Finally, Empowered Funds LLC acquired a new stake in Corcept Therapeutics in the third quarter valued at about $1,784,000. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Insider Transactions at Corcept Therapeutics

In related news, insider Gary Charles Robb sold 11,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total value of $509,080.00. Following the transaction, the insider now owns 22,772 shares of the company’s stock, valued at $1,053,888.16. This represents a 32.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider William Guyer sold 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the completion of the transaction, the insider now directly owns 6,039 shares in the company, valued at $213,176.70. This trade represents a 62.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,611 shares of company stock valued at $1,563,548. 20.50% of the stock is currently owned by company insiders.

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.