Corcept Therapeutics (NASDAQ:CORT) Trading Down 6.4% - What's Next?

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CORT shares. Truist Financial set a $135.00 target price on Corcept Therapeutics in a research report on Tuesday, May 6th. HC Wainwright cut their price objective on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Canaccord Genuity Group lifted their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a research note on Tuesday, April 1st. Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, Piper Sandler lifted their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a research report on Thursday, April 3rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $138.25.

Corcept Therapeutics Price Performance

The business's 50 day moving average price is $72.80 and its 200-day moving average price is $66.08. The firm has a market capitalization of $7.21 billion, a price-to-earnings ratio of 58.58 and a beta of 0.15.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 earnings per share for the quarter, hitting analysts' consensus estimates of $0.17. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The firm had revenue of $157.21 million for the quarter, compared to analyst estimates of $177.93 million. During the same quarter in the prior year, the company posted $0.25 earnings per share. Corcept Therapeutics's quarterly revenue was up 7.1% on a year-over-year basis. As a group, analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other Corcept Therapeutics news, insider Sean Maduck sold 26,554 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $72.23, for a total transaction of $1,917,995.42. Following the completion of the transaction, the insider owned 85,622 shares of the company's stock, valued at approximately $6,184,477.06. This trade represents a 23.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider William Guyer sold 32,262 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $74.17, for a total transaction of $2,392,872.54. Following the completion of the sale, the insider directly owned 5,487 shares of the company's stock, valued at $406,970.79. The trade was a 85.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 225,233 shares of company stock worth $17,014,551 in the last three months. Company insiders own 20.50% of the company's stock.

Institutional Investors Weigh In On Corcept Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in Corcept Therapeutics by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,051,560 shares of the biotechnology company's stock worth $52,988,000 after purchasing an additional 25,073 shares during the period. Victory Capital Management Inc. raised its holdings in Corcept Therapeutics by 79.4% in the fourth quarter. Victory Capital Management Inc. now owns 75,029 shares of the biotechnology company's stock valued at $3,781,000 after acquiring an additional 33,206 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in Corcept Therapeutics during the fourth quarter valued at approximately $1,597,000. Arizona State Retirement System raised its holdings in shares of Corcept Therapeutics by 1.1% during the fourth quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company's stock worth $1,374,000 after purchasing an additional 289 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Corcept Therapeutics during the fourth quarter worth about $12,084,000. Hedge funds and other institutional investors 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.