Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 6.4% - Here's What Happened

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) were down 6.4% on Monday . The stock traded as low as $66.49 and last traded at $67.66. Approximately 788,272 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 1,179,326 shares. The stock had previously closed at $72.27.

Analyst Ratings Changes

Several research analysts recently weighed in on CORT shares. Piper Sandler boosted their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a research report on Thursday, April 3rd. 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. HC Wainwright reduced their price target on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Truist Financial set a $135.00 price target on Corcept Therapeutics in a research report on Tuesday, May 6th. Finally, Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.25.

Corcept Therapeutics Stock Performance

The firm has a market capitalization of $7.64 billion, a P/E ratio of 62.08 and a beta of 0.15. The company has a 50-day moving average price of $72.69 and a 200-day moving average price of $66.28.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. The business had revenue of $157.21 million for the quarter, compared to the consensus estimate of $177.93 million. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The firm's revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 EPS. Equities analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $78.04, for a total transaction of $390,200.00. Following the sale, the insider owned 9,009 shares of the company's stock, valued at approximately $703,062.36. This trade represents a 35.69% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $72.42, for a total value of $1,448,400.00. Following the completion of the sale, the insider directly owned 5,487 shares in the company, valued at $397,368.54. This represents a 78.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 223,033 shares of company stock worth $16,860,067 in the last three months. 20.80% of the stock is owned by insiders.

Institutional Trading of Corcept Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of CORT. Norges Bank acquired a new stake in shares of Corcept Therapeutics in the 4th quarter valued at about $42,055,000. Jupiter Asset Management Ltd. raised its stake in shares of Corcept Therapeutics by 8,176.0% in the 1st quarter. Jupiter Asset Management Ltd. now owns 603,903 shares of the biotechnology company's stock valued at $68,978,000 after purchasing an additional 596,606 shares during the period. Invesco Ltd. raised its stake in shares of Corcept Therapeutics by 76.5% in the 1st quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock valued at $142,345,000 after purchasing an additional 540,101 shares during the period. GAMMA Investing LLC raised its stake in shares of Corcept Therapeutics by 12,888.9% in the 1st quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock valued at $44,448,000 after purchasing an additional 386,152 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Corcept Therapeutics in the 1st quarter valued at about $35,580,000. Institutional investors and hedge funds own 93.61% of the company's stock.

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.