Corcept Therapeutics (NASDAQ:CORT) Shares Down 6.9% Following Analyst Downgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT) fell 6.9% on Monday after Canaccord Genuity Group lowered their price target on the stock from $140.00 to $99.00. Canaccord Genuity Group currently has a buy rating on the stock. Corcept Therapeutics traded as low as $35.56 and last traded at $35.5490. 680,404 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 3,513,320 shares. The stock had previously closed at $38.20.

A number of other research analysts have also recently weighed in on the stock. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. Weiss Ratings restated a “hold (c)” rating on shares of Corcept Therapeutics in a report on Monday, December 29th. HC Wainwright decreased their price target on shares of Corcept Therapeutics from $145.00 to $90.00 and set a “buy” rating for the company in a research report on Friday. Wolfe Research downgraded Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $30.00 price target for the company. in a report on Wednesday, December 31st. Finally, Wall Street Zen cut Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, October 18th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $80.83.

Insider Activity

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $79.53, for a total value of $397,650.00. Following the transaction, the insider owned 10,277 shares in the company, valued at approximately $817,329.81. The trade was a 32.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $79.77, for a total value of $3,190,800.00. Following the sale, the chief executive officer owned 2,701,370 shares of the company’s stock, valued at approximately $215,488,284.90. This trade represents a 1.46% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 196,700 shares of company stock worth $15,474,198. 20.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CORT. Advisory Services Network LLC acquired a new stake in shares of Corcept Therapeutics in the 3rd quarter valued at about $25,000. Clearstead Advisors LLC increased its holdings in Corcept Therapeutics by 163.6% in the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 193 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in Corcept Therapeutics during the second quarter valued at approximately $28,000. Huntington National Bank raised its stake in Corcept Therapeutics by 54.0% during the second quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock valued at $35,000 after buying an additional 168 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its holdings in Corcept Therapeutics by 598.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 461 shares of the biotechnology company’s stock worth $38,000 after buying an additional 395 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Trading Down 6.4%

The company has a current ratio of 3.14, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. The company has a market cap of $3.76 billion, a price-to-earnings ratio of 40.58 and a beta of 0.23. The firm has a 50-day moving average price of $76.45 and a 200 day moving average price of $74.83.

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

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.