HC Wainwright Reaffirms Buy Rating for Corcept Therapeutics

HC Wainwright, a research firm, has reaffirmed its "buy" rating for Corcept Therapeutics (NASDAQ:CORT) in a recent report made available to clients and investors on Thursday. The firm has set a price target of $115.00 for the biotechnology company's stock. This target indicates a possible upside of approximately 81.47% from the stock's current trading price.

Recent Analyst Comments

In addition to HC Wainwright, several other analysts have weighed in on Corcept Therapeutics. StockNews.com recently downgraded the company's rating from "strong-buy" to "buy" on November 25th. Canaccord Genuity Group also raised their price target for Corcept from $78.00 to $130.00, maintaining their "buy" rating, as noted in their report on January 30th.

Currently, six different research analysts have given the stock a “buy” rating. According to data provided by MarketBeat, the consensus rating for Corcept Therapeutics is “Buy,” with an average price target set at $97.00.

Corcept Therapeutics Price and Performance Metrics

As of Thursday, Corcept's stock opened at $63.37. The company has a 50-day moving average of $59.60 and a two-hundred day moving average of $51.16. Corcept Therapeutics boasts a market capitalization of $6.64 billion, a price-to-earnings (PE) ratio of 50.29, and a relatively low beta of 0.58. The financial ratios show that the company has a current ratio of 3.70, a quick ratio of 3.64, and a minimal debt-to-equity ratio of 0.01. Over the past year, the lowest price for the stock was $20.84, while the highest was $75.00.

Earnings Reports and Financial Overview

Corcept Therapeutics last revealed its quarterly earnings on February 26th, where it reported an earnings per share (EPS) of $0.26 for the quarter. This figure fell short of the consensus estimate of $0.37 by $0.11. The company's reported revenue totaled $181.89 million, which also did not meet analysts' expectations of $200.12 million. Overall, Corcept Therapeutics has demonstrated a net profit margin of 22.35% with a return on equity of 24.54%. Analysts predict that the company is expected to achieve 1.36 EPS for the current financial year.

Insider Transactions

In recent insider activity, director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept stock on December 10th, realizing a total transaction value of $130,812.00 at an average price of $59.46 per share. Additionally, insider Sean Maduck sold 20,000 shares in a transaction dated January 2nd, which amounted to approximately $1,007,800. Following this sale, Maduck now holds a total of 85,318 shares valued at around $4,299,174.02. This transaction reflects an 18.99% decrease in his ownership of the company's stock. Overall, insiders have sold around 26,600 shares of Corcept over the past quarter, totaling $1,399,576, with corporate insiders currently owning 20.50% of the stock.

Institutional Investor Activity

Several institutional investors have recently adjusted their positions in Corcept Therapeutics. Capital Performance Advisors LLP acquired a new stake during the third quarter, valued at approximately $25,000. Likewise, Kestra Investment Management LLC and Canada Pension Plan Investment Board each purchased new positions in the fourth quarter, worth around $27,000 and $40,000, respectively. National Bank of Canada FI and USA Financial Formulas have also added to their stakes in the company. As it stands, institutional investors own approximately 93.61% of Corcept's stock.

Company Background

Corcept Therapeutics is dedicated to the discovery and development of innovative drugs for treating severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. One of its key products is Korlym, which is a medication designed for treating hyperglycemia secondary to hypercortisolism in adult individuals suffering from endogenous Cushing's syndrome, particularly those with type 2 diabetes or glucose intolerance who have either failed surgery or are not candidates for surgical intervention.

Corcept, Investing, Healthcare