Corcept Therapeutics (NASDAQ:CORT) Trading Down 5.9% – Time to Sell?

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s share price traded down 5.9% during mid-day trading on Tuesday . The stock traded as low as $76.86 and last traded at $75.1370. 153,463 shares changed hands during trading, a decline of 87% from the average session volume of 1,151,877 shares. The stock had previously closed at $79.82.

Analyst Upgrades and Downgrades

CORT has been the subject of several research analyst reports. HC Wainwright reiterated a “buy” rating and set a $145.00 price target on shares of Corcept Therapeutics in a report on Tuesday, November 25th. UBS Group initiated coverage on shares of Corcept Therapeutics in a report on Tuesday, December 16th. They set a “neutral” rating and a $95.00 price objective on the stock. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, December 15th. Wall Street Zen downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $140.00 price objective on shares of Corcept Therapeutics in a report on Thursday, September 25th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $127.20.

Corcept Therapeutics Stock Down 7.1%

The company’s 50-day simple moving average is $78.78 and its 200 day simple moving average is $75.58. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.14 and a quick ratio of 3.07. The firm has a market cap of $7.80 billion, a P/E ratio of 85.24 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.02). The company had revenue of $207.64 million for the quarter, compared to the consensus estimate of $223.78 million. Corcept Therapeutics had a return on equity of 15.99% and a net margin of 14.19%.The company’s revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 earnings per share. Research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Activity

In related news, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $79.77, for a total transaction of $3,190,800.00. Following the completion of the transaction, the chief executive officer directly owned 2,701,370 shares of the company’s stock, valued at approximately $215,488,284.90. The trade was a 1.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William Guyer sold 20,000 shares of the business’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $80.08, for a total value of $1,601,600.00. Following the transaction, the insider owned 1,235 shares of the company’s stock, valued at approximately $98,898.80. The trade was a 94.18% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 261,700 shares of company stock worth $21,002,348. Insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Ieq Capital LLC raised its holdings in shares of Corcept Therapeutics by 78.1% in the 1st quarter. Ieq Capital LLC now owns 17,891 shares of the biotechnology company’s stock valued at $2,044,000 after purchasing an additional 7,844 shares in the last quarter. Evergreen Capital Management LLC increased its position in Corcept Therapeutics by 3.8% during the 1st quarter. Evergreen Capital Management LLC now owns 7,158 shares of the biotechnology company’s stock valued at $818,000 after buying an additional 265 shares in the last quarter. DRW Securities LLC purchased a new position in shares of Corcept Therapeutics in the 1st quarter valued at approximately $209,000. Royal Bank of Canada raised its holdings in shares of Corcept Therapeutics by 18.9% in the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock worth $1,757,000 after buying an additional 2,444 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC acquired a new stake in Corcept Therapeutics during the 1st quarter worth about $204,000. 93.61% of the stock is owned by institutional investors.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.