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

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CORT shares. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. Sandler O’Neill restated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Truist Financial increased their target price on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Corcept Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $65.25.

Corcept Therapeutics Trading Down 3.4 %

The business has a 50-day moving average price of $54.80 and a two-hundred day moving average price of $45.34. The stock has a market capitalization of $6.18 billion, a P/E ratio of 46.84 and a beta of 0.56. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01.

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

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Sean Maduck sold 20,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $50.39, for a total value of $1,007,800.00. Following the completion of the sale, the insider now directly owns 85,318 shares in the company, valued at approximately $4,299,174.02. This trade represents a 18.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $50.54, for a total value of $111,188.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,011 shares of company stock valued at $1,951,268. 20.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new stake in Corcept Therapeutics in the 3rd quarter worth about $25,000. Kathleen S. Wright Associates Inc. purchased a new position in Corcept Therapeutics in the 3rd quarter valued at approximately $36,000. USA Financial Formulas purchased a new stake in shares of Corcept Therapeutics during the fourth quarter worth $54,000. GAMMA Investing LLC grew its position 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 valued at $115,000 after purchasing an additional 1,147 shares in the last quarter. Finally, KBC Group NV lifted its holdings in Corcept Therapeutics by 21.3% during the 3rd 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. 93.61% of the stock is owned by institutional investors.

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.