Traders Buy Large Volume of Put Options on Corcept Therapeutics (NASDAQ:CORT)

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) was the target of some unusual options trading on Tuesday. Investors bought 3,892 put options on the stock. This represents an increase of 129% compared to the average volume of 1,699 put options.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CORT shares. StockNews.com lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Truist Financial raised their price target on Corcept Therapeutics from $76.00 to $150.00 and gave the company a "buy" rating in a report on Monday, March 31st. Piper Sandler upped their price objective on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a report on Thursday. HC Wainwright raised their target price on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the company a "buy" rating in a report on Monday, March 31st. Finally, Canaccord Genuity Group boosted their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $143.25.

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Corcept Therapeutics Trading Down 6.2 %

CORT stock traded down $4.92 during midday trading on Friday, reaching $74.45. 2,540,279 shares of the company traded hands, compared to its average volume of 1,097,826. The firm has a market capitalization of $7.85 billion, a price-to-earnings ratio of 59.09 and a beta of 0.14. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The business has a 50 day moving average of $64.81 and a 200-day moving average of $56.28. Corcept Therapeutics has a 52-week low of $20.84 and a 52-week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 EPS 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 firm had revenue of $181.89 million for the quarter, compared to the consensus estimate of $200.12 million. As a group, sell-side analysts expect that Corcept Therapeutics will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $50.54, for a total value of $111,188.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Joseph K. Belanoff sold 2,924 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.91, for a total transaction of $178,100.84. Following the transaction, the chief executive officer now owns 3,019,411 shares of the company's stock, valued at approximately $183,912,324.01. This represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 163,124 shares of company stock worth $15,074,318 over the last ninety days. Corporate insiders own 20.50% of the company's stock.

Institutional Trading of Corcept Therapeutics

A number of large investors have recently made changes to their positions in CORT. Synergy Asset Management LLC grew its stake in Corcept Therapeutics by 131.3% in 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 in the last quarter. Van ECK Associates Corp bought a new stake in shares of Corcept Therapeutics in the fourth quarter valued at about $4,483,000. State Street Corp lifted its stake in Corcept Therapeutics by 0.6% in the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company's stock worth $162,871,000 after acquiring an additional 19,893 shares during the period. Burney Co. grew its holdings in Corcept Therapeutics by 9.1% during the 4th 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 in the last quarter. Finally, JPMorgan Chase & Co. increased its position in 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 purchasing an additional 76,573 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

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.