Corcept Therapeutics (NASDAQ:CORT) Trading Down 6.4% - Here's Why

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

Analysts Set New Price Targets

A number of brokerages have recently commented on CORT. Canaccord Genuity Group lifted 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. Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Truist Financial set a $135.00 target price on Corcept Therapeutics in a report on Tuesday, May 6th. Piper Sandler boosted their price objective on Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a report on Thursday, April 3rd. Finally, HC Wainwright dropped their price objective on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. 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, the stock has a consensus rating of "Moderate Buy" and an average target price of $138.25.

Corcept Therapeutics Stock Performance

The company has a market cap of $7.16 billion, a PE ratio of 58.22 and a beta of 0.15. The stock has a fifty day moving average of $72.80 and a 200-day moving average of $66.08.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The business had revenue of $157.21 million during the quarter, compared to analysts' expectations of $177.93 million. During the same period in the prior year, the business earned $0.25 EPS. The business's revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $70.61, for a total value of $155,342.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $82.86, for a total value of $3,314,400.00. Following the completion of the sale, the chief executive officer owned 2,901,985 shares of the company's stock, valued at $240,458,477.10. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 225,233 shares of company stock worth $17,014,551. 20.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio raised its position in shares of Corcept Therapeutics by 269.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock worth $144,000 after acquiring an additional 2,086 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Corcept Therapeutics by 30.7% in the 4th quarter. HighTower Advisors LLC now owns 93,677 shares of the biotechnology company's stock worth $4,720,000 after acquiring an additional 22,011 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Corcept Therapeutics in the 1st quarter worth $331,000. JPMorgan Chase & Co. raised its position in shares of Corcept Therapeutics by 2.7% in the 4th quarter. JPMorgan Chase & Co. now owns 259,902 shares of the biotechnology company's stock worth $13,096,000 after acquiring an additional 6,832 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Corcept Therapeutics during the 4th quarter valued at about $12,084,000. 93.61% of the stock is owned by 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.