Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 5.7% - Here's What Happened

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) shares fell 5.7% during mid-day trading on Wednesday . The company 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.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CORT shares. Canaccord Genuity Group lifted 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. HC Wainwright upped their price target on Corcept Therapeutics from $115.00 to $150.00 and gave the company a "buy" rating in a research note on Monday, March 31st. Piper Sandler raised their price objective 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 shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Finally, Truist Financial lifted 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, March 31st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $143.25.

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Corcept Therapeutics Stock Down 1.7 %

The company has a market capitalization of $7.11 billion, a PE ratio of 53.52 and a beta of 0.15. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $65.72 and a 200 day moving average of $57.79.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data 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 net margin of 22.35% and a return on equity of 24.54%. The business had revenue of $181.89 million during the quarter, compared to analyst estimates of $200.12 million. Equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Activity

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $68.08, for a total value of $149,776.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph Douglas Lyon sold 421 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $60.58, for a total transaction of $25,504.18. Following the sale, the insider now owns 9,009 shares of the company's stock, valued at approximately $545,765.22. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 160,924 shares of company stock worth $14,963,130. Corporate insiders own 20.50% of the company's stock.

Hedge Funds Weigh In On Corcept Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC acquired a new position in Corcept Therapeutics in the 4th quarter valued at $27,000. MassMutual Private Wealth & Trust FSB boosted its position in shares of Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after buying an additional 313 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Corcept Therapeutics during the 4th quarter worth approximately $40,000. National Bank of Canada FI purchased a new stake in shares of Corcept Therapeutics in the fourth quarter valued at $42,000. Finally, USA Financial Formulas acquired a new stake in shares of Corcept Therapeutics during the 4th quarter worth about $54,000. Institutional investors and hedge funds 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.