Corcept Therapeutics (NASDAQ:CORT) Shares Down 5.7% – Time to Sell?

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) traded down 5.7% during mid-day trading on Wednesday . The stock traded as low as $67.74 and last traded at $66.50. 170,460 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 1,104,757 shares. The stock had previously closed at $70.49.

Wall Street Analysts Forecast Growth

CORT has been the subject of several research reports. HC Wainwright lifted their target price on Corcept Therapeutics from $115.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, March 31st. Piper Sandler lifted their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a report on Thursday, April 3rd. StockNews.com lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Canaccord Genuity Group upped their price objective on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a research report on Tuesday, April 1st. Finally, Truist Financial lifted their target price on Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a report on Monday, March 31st. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $143.25.

Corcept Therapeutics Trading Down 7.4 %

The stock has a market cap of $6.89 billion, a price-to-earnings ratio of 51.83 and a beta of 0.15. The business’s 50 day moving average is $65.48 and its 200 day moving average is $57.03. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64.

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

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 35,102 shares of the firm’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $94.72, for a total transaction of $3,324,861.44. Following the transaction, the chief executive officer now directly owns 2,982,335 shares of the company’s stock, valued at approximately $282,486,771.20. This trade represents a 1.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Sean Maduck sold 100,000 shares of Corcept Therapeutics stock in a transaction on Monday, March 31st. The shares were sold at an average price of $100.54, for a total transaction of $10,054,000.00. Following the completion of the transaction, the insider now owns 85,622 shares in the company, valued at approximately $8,608,435.88. This represents a 53.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 163,124 shares of company stock worth $15,074,318. Corporate insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Several large investors have recently modified their holdings of CORT. Norges Bank acquired a new position in Corcept Therapeutics in the 4th quarter valued at $42,055,000. GAMMA Investing LLC raised its holdings in Corcept Therapeutics by 12,888.9% during the first quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company’s stock worth $44,448,000 after purchasing an additional 386,152 shares in the last quarter. Braun Stacey Associates Inc. acquired a new stake in Corcept Therapeutics in the fourth quarter valued at about $14,935,000. Synergy Asset Management LLC increased its position in Corcept Therapeutics by 131.3% during the 4th quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company’s stock worth $22,369,000 after purchasing an additional 262,503 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Corcept Therapeutics in the fourth quarter valued at about $12,084,000. Hedge funds and other institutional investors 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.