Corcept Therapeutics (NASDAQ:CORT) Shares Down 5.3% - Time to Sell?

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) traded down 5.3% on Wednesday . The company traded as low as $65.92 and last traded at $65.92. 456,637 shares were traded during mid-day trading, a decline of 59% from the average session volume of 1,121,962 shares. The stock had previously closed at $69.59.

Analysts Set New Price Targets

A number of brokerages have recently commented on CORT. Truist Financial upped their price target on Corcept Therapeutics from $76.00 to $150.00 and gave the stock a "buy" rating in a report on Monday, March 31st. Piper Sandler upped their price target on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a research report on Thursday, April 3rd. StockNews.com cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Friday, February 28th. HC Wainwright increased their price target on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday, March 31st. Finally, Canaccord Genuity Group upped their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a research report on Tuesday, April 1st. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Corcept Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $143.25.

Corcept Therapeutics Stock Up 1.1 %

The company has a market cap of $6.64 billion, a PE ratio of 49.92 and a beta of 0.15. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average of $65.29 and a 200-day moving average of $58.60.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its 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). The company had revenue of $181.89 million for the quarter, compared to the consensus estimate of $200.12 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. Sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 421 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $60.58, for a total transaction of $25,504.18. Following the completion of the sale, the insider now directly owns 9,009 shares in the company, valued at approximately $545,765.22. The trade was a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sean Maduck sold 100,000 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $100.54, for a total value of $10,054,000.00. Following the sale, the insider now directly owns 85,622 shares of the company's stock, valued at $8,608,435.88. This represents a 53.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 163,124 shares of company stock valued at $15,117,614. Corporate insiders own 20.50% of the company's stock.

Institutional Trading of Corcept Therapeutics

Several hedge funds have recently bought and sold shares of CORT. MML Investors Services LLC bought a new position in Corcept Therapeutics during the third quarter valued at approximately $317,000. World Investment Advisors LLC bought a new position in Corcept Therapeutics during the third quarter valued at $503,000. Franklin Resources Inc. grew its stake in shares of Corcept Therapeutics by 1.0% in the 3rd quarter. Franklin Resources Inc. now owns 242,791 shares of the biotechnology company's stock worth $10,998,000 after buying an additional 2,475 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Corcept Therapeutics by 43.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 253,070 shares of the biotechnology company's stock valued at $11,712,000 after buying an additional 76,573 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Corcept Therapeutics by 20.3% in the 4th quarter. GAMMA Investing LLC now owns 2,996 shares of the biotechnology company's stock valued at $151,000 after acquiring an additional 506 shares during the last quarter. Hedge funds and other institutional investors 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.