Corcept Therapeutics (NASDAQ:CORT) Shares Down 7.9% – Here’s Why

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s stock price was down 7.9% on Wednesday . The company traded as low as $86.36 and last traded at $84.70. Approximately 247,428 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 1,074,400 shares. The stock had previously closed at $91.93.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Piper Sandler lifted their price objective on Corcept Therapeutics from $67.00 to $78.00 and gave the company an “overweight” rating in a report on Thursday, February 27th. Truist Financial boosted their price target on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a research report on Monday. Canaccord Genuity Group raised their price objective on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday. StockNews.com downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, HC Wainwright raised their price target on Corcept Therapeutics from $115.00 to $150.00 and gave the company a “buy” rating in a report on Monday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $130.00.

Corcept Therapeutics Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The stock has a market capitalization of $8.90 billion, a price-to-earnings ratio of 67.66 and a beta of 0.14. The stock has a 50-day moving average of $63.69 and a 200 day moving average of $55.67.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly 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 business had revenue of $181.89 million for the quarter, compared to the consensus estimate of $200.12 million. On average, analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Buying and Selling

In related news, CEO Joseph K. Belanoff sold 1,974 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $60.83, for a total transaction of $120,078.42. Following the sale, the chief executive officer now owns 3,017,437 shares of the company’s stock, valued at approximately $183,550,692.71. This trade represents a 0.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Joseph Douglas Lyon sold 421 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $60.58, for a total value of $25,504.18. Following the completion of the transaction, the insider now directly owns 9,009 shares of the company’s stock, valued at approximately $545,765.22. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,022 shares of company stock valued at $2,703,257 over the last three months. Company insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

A number of hedge funds have recently modified their holdings of CORT. Kestra Investment Management LLC acquired a new stake in Corcept Therapeutics during the 4th quarter worth approximately $27,000. Canada Pension Plan Investment Board acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth $40,000. National Bank of Canada FI bought a new stake in Corcept Therapeutics in the 4th quarter valued at $42,000. USA Financial Formulas acquired a new position in Corcept Therapeutics in the 4th quarter worth $54,000. Finally, Newbridge Financial Services Group Inc. bought a new position in Corcept Therapeutics during the 4th quarter worth about $58,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

About Corcept Therapeutics

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.