Corcept Therapeutics (NASDAQ:CORT) Trading Down 7.9% – Time to Sell?

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) fell 7.9% during trading on Wednesday . The company traded as low as $86.36 and last traded at $84.70. 247,428 shares traded hands during trading, a decline of 77% from the average session volume of 1,074,400 shares. The stock had previously closed at $91.93.

Analyst Upgrades and Downgrades

CORT has been the topic of several analyst reports. Canaccord Genuity Group boosted their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a report on Tuesday. Piper Sandler lifted their price objective on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. StockNews.com lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Truist Financial lifted their price target on Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a report on Monday. Finally, HC Wainwright increased their price objective on Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Corcept Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $130.00.

Corcept Therapeutics Stock Performance

The stock’s 50-day moving average price is $63.69 and its 200 day moving average price is $55.67. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The company has a market cap of $8.90 billion, a P/E ratio of 67.66 and a beta of 0.14.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm had revenue of $181.89 million for the quarter, compared to analyst estimates of $200.12 million. As a group, research analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 1,974 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $60.83, for a total value of $120,078.42. Following the sale, the chief executive officer now directly owns 3,017,437 shares in the company, valued at $183,550,692.71. This trade represents a 0.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Joseph Douglas Lyon sold 421 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $60.58, for a total transaction of $25,504.18. Following the transaction, the insider now directly owns 9,009 shares of the company’s stock, valued at $545,765.22. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,022 shares of company stock valued at $2,703,257 in the last 90 days. 20.50% of the stock is currently owned by insiders.

Institutional Trading of Corcept Therapeutics

Several institutional investors have recently modified their holdings of CORT. Black Diamond Financial LLC lifted its position in Corcept Therapeutics by 4.0% in the fourth quarter. Black Diamond Financial LLC now owns 5,200 shares of the biotechnology company’s stock worth $262,000 after purchasing an additional 200 shares during the period. Quadrant Capital Group LLC boosted its position in shares of Corcept Therapeutics by 9.5% during the 4th quarter. Quadrant Capital Group LLC now owns 2,969 shares of the biotechnology company’s stock valued at $150,000 after acquiring an additional 257 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in Corcept Therapeutics by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company’s stock valued at $426,000 after acquiring an additional 268 shares during the period. Arizona State Retirement System increased its stake in Corcept Therapeutics by 1.1% in the fourth quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company’s stock valued at $1,374,000 after acquiring an additional 289 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its position in Corcept Therapeutics by 102.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company’s stock worth $71,000 after purchasing an additional 313 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.