Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 5.3% – Here’s Why

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s share price dropped 5.3% during trading on Wednesday . The company traded as low as $65.92 and last traded at $65.92. Approximately 456,637 shares were traded during trading, a decline of 59% from the average daily volume of 1,121,962 shares. The stock had previously closed at $69.59.

Wall Street Analysts Forecast Growth

CORT has been the topic of a number of analyst reports. Truist Financial increased 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. HC Wainwright boosted their price target 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. StockNews.com downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Piper Sandler boosted their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a research note on Thursday, April 3rd. Finally, Canaccord Genuity Group raised their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a research report on Tuesday, April 1st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $143.25.

Corcept Therapeutics Price Performance

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 stock has a market cap of $6.82 billion, a price-to-earnings ratio of 51.29 and a beta of 0.15. The company has a 50 day simple moving average of $65.73 and a 200-day simple moving average of $58.04.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly 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). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm had revenue of $181.89 million for the quarter, compared to analyst estimates of $200.12 million. Research analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Transactions at Corcept Therapeutics

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $70.22, for a total value of $154,484.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Maduck sold 18,303 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $60.69, for a total transaction of $1,110,809.07. Following the completion of the sale, the insider now directly owns 85,622 shares in the company, valued at approximately $5,196,399.18. The trade was a 17.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 163,124 shares of company stock worth $15,117,614 in the last three months. Insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

A number of institutional investors have recently bought and sold shares of CORT. Goldstone Financial Group LLC bought a new position in shares of Corcept Therapeutics during the 1st quarter worth approximately $547,000. SG Americas Securities LLC boosted its position in Corcept Therapeutics by 285.3% during the first quarter. SG Americas Securities LLC now owns 43,109 shares of the biotechnology company’s stock worth $4,924,000 after purchasing an additional 31,922 shares during the period. Livforsakringsbolaget Skandia Omsesidigt bought a new position in Corcept Therapeutics during the first quarter worth $228,000. GAMMA Investing LLC increased its holdings in shares of Corcept Therapeutics by 13.7% in the first quarter. GAMMA Investing LLC now owns 3,407 shares of the biotechnology company’s stock valued at $389,000 after purchasing an additional 411 shares during the last quarter. Finally, Pallas Capital Advisors LLC bought a new position in shares of Corcept Therapeutics in the first quarter valued at about $458,000. 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.