Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 3.2% - Here's What Happened

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) fell 3.2% during trading on Friday . The company traded as low as $47.26 and last traded at $47.40. 185,233 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 1,183,288 shares. The stock had previously closed at $48.97.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CORT. Truist Financial raised their target price on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the company a "buy" rating in a research note on Monday, September 30th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target on shares of Corcept Therapeutics in a research note on Thursday. Sandler O'Neill reaffirmed a "buy" rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $38.00 price target on shares of Corcept Therapeutics in a research note on Tuesday, July 30th. Finally, StockNews.com raised shares of Corcept Therapeutics from a "buy" rating to a "strong-buy" rating in a research note on Thursday. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Corcept Therapeutics currently has an average rating of "Buy" and an average price target of $65.25.

Corcept Therapeutics Stock Performance

The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of 37.80 and a beta of 0.46. The company's fifty day simple moving average is $42.14 and its two-hundred day simple moving average is $34.40.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.14. The company had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 25.53%. The firm's revenue for the quarter was up 47.7% compared to the same quarter last year. During the same period last year, the business earned $0.28 EPS. Sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.12 EPS for the current year.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider William Guyer sold 10,000 shares of the firm's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total transaction of $353,000.00. Following the completion of the transaction, the insider now directly owns 6,039 shares of the company's stock, valued at $213,176.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider William Guyer sold 10,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the completion of the transaction, the insider now directly owns 6,039 shares of the company's stock, valued at approximately $213,176.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Gary Charles Robb sold 11,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the transaction, the insider now directly owns 22,772 shares of the company's stock, valued at $1,053,888.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,101 shares of company stock valued at $972,817 in the last ninety days. Corporate insiders own 20.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Assetmark Inc. boosted its holdings in shares of Corcept Therapeutics by 2.0% in the 3rd quarter. Assetmark Inc. now owns 63,311 shares of the biotechnology company's stock valued at $2,930,000 after buying an additional 1,235 shares during the period. CWA Asset Management Group LLC bought a new stake in Corcept Therapeutics in the 3rd quarter valued at about $963,000. Capital Performance Advisors LLP bought a new stake in Corcept Therapeutics in the 3rd quarter valued at about $25,000. M&G PLC bought a new stake in Corcept Therapeutics in the 3rd quarter valued at about $11,173,000. Finally, QRG Capital Management Inc. lifted its position in Corcept Therapeutics by 8.0% in the 3rd quarter. QRG Capital Management Inc. now owns 90,202 shares of the biotechnology company's stock valued at $4,175,000 after purchasing an additional 6,691 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

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.