Corcept Therapeutics (NASDAQ:CORT) Shares Down 7.9% - What's Next?

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) was down 7.9% during mid-day trading on Wednesday . The stock traded as low as $86.36 and last traded at $84.70. Approximately 247,428 shares changed hands during 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 recently weighed in on the stock. HC Wainwright lifted their target price on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the company a "buy" rating in a research note on Monday, March 31st. Truist Financial lifted their price objective on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the company a "buy" rating in a report on Monday, March 31st. Canaccord Genuity Group upped their target price on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a report on Tuesday, April 1st. Piper Sandler increased their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, StockNews.com lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Friday, February 28th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $143.25.

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Corcept Therapeutics Stock Performance

The firm has a 50 day moving average of $64.81 and a two-hundred day moving average of $56.50. 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 cap of $7.62 billion, a PE ratio of 57.01 and a beta of 0.15.

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 the consensus estimate of $0.37 by ($0.11). Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The company had revenue of $181.89 million during the quarter, compared to analysts' expectations of $200.12 million. Research analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 18,303 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.69, for a total value of $1,110,809.07. Following the sale, the insider now directly owns 85,622 shares of the company's stock, valued at $5,196,399.18. This trade represents a 17.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph K. Belanoff sold 35,102 shares of the company's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $94.72, for a total transaction of $3,324,861.44. Following the completion of the sale, the chief executive officer now directly owns 2,982,335 shares of the company's stock, valued at approximately $282,486,771.20. This represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 163,124 shares of company stock valued at $15,074,318. Company insiders own 20.50% of the company's stock.

Institutional Trading of Corcept Therapeutics

Several large investors have recently added to or reduced their stakes in CORT. Synergy Asset Management LLC lifted 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 acquiring an additional 262,503 shares during the last quarter. Van ECK Associates Corp bought a new position in Corcept Therapeutics in the 4th quarter valued at $4,483,000. State Street Corp grew its stake in shares of Corcept Therapeutics by 0.6% during the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company's stock valued at $162,871,000 after purchasing an additional 19,893 shares during the last quarter. Burney Co. raised its position in shares of Corcept Therapeutics by 9.1% during the fourth quarter. Burney Co. now owns 473,821 shares of the biotechnology company's stock worth $23,876,000 after acquiring an additional 39,657 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Corcept Therapeutics by 43.4% in the third 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 during the period. 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.