Corcept Therapeutics (NASDAQ:CORT) Trading Down 4.4% – Here’s What Happened

Corcept Therapeutics Incorporated (NASDAQ:CORT) dropped 4.4% during trading on Wednesday . The stock traded as low as $58.49 and last traded at $58.41. Approximately 403,738 shares were traded during trading, a decline of 45% from the average daily volume of 737,340 shares. The stock had previously closed at $61.11.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CORT. Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Truist Financial raised their price target on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, StockNews.com lowered shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. Six 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 target price of $65.25.

Corcept Therapeutics Trading Down 3.7 %

The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The stock has a 50-day simple moving average of $54.85 and a 200 day simple moving average of $45.44. The company has a market cap of $6.29 billion, a price-to-earnings ratio of 47.61 and a beta of 0.56.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm had revenue of $182.55 million during the quarter, compared to the consensus estimate of $171.97 million. During the same quarter in the previous year, the company posted $0.28 earnings per share. The company’s revenue was up 47.7% compared to the same quarter last year. As a group, equities research analysts predict that Corcept Therapeutics Incorporated will post 1.35 EPS for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In related news, insider William Guyer sold 6,606 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $48.97, for a total value of $323,495.82. Following the completion of the transaction, the insider now directly owns 5,796 shares in the company, valued at $283,830.12. The trade was a 53.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Sean Maduck sold 20,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the completion of the transaction, the insider now owns 85,318 shares of the company’s stock, valued at approximately $4,299,174.02. This trade represents a 18.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,011 shares of company stock worth $1,951,268 over the last 90 days. 20.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corcept Therapeutics

A number of large investors have recently bought and sold shares of CORT. Capital Performance Advisors LLP purchased a new stake in shares of Corcept Therapeutics in the third quarter valued at approximately $25,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Corcept Therapeutics during the third quarter valued at approximately $36,000. USA Financial Formulas purchased a new position in shares of Corcept Therapeutics in the fourth quarter valued at approximately $54,000. GAMMA Investing LLC boosted its stake in shares of Corcept Therapeutics by 85.4% in the third quarter. GAMMA Investing LLC now owns 2,490 shares of the biotechnology company’s stock worth $115,000 after acquiring an additional 1,147 shares during the last quarter. Finally, KBC Group NV increased its position in shares of Corcept Therapeutics by 21.3% during the third quarter. KBC Group NV now owns 2,822 shares of the biotechnology company’s stock worth $131,000 after purchasing an additional 496 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

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.