Corcept Therapeutics (NASDAQ:CORT) Shares Gap Down - Should You Sell?

Key Points

• Corcept Therapeutics shares opened sharply lower, falling from a previous close of $95.36 to $91.60 before last trading at $93.13.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $92.17 price target, although ratings range from “Strong Buy” to “Sell.”
• The company’s latest quarterly results missed expectations, reporting an adjusted loss of $0.30 per share and revenue of $164.9 million versus forecasts of $185.83 million; insiders also sold 300,000 shares worth roughly $22.1 million during the last quarter.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $95.36, but opened at $91.60. Corcept Therapeutics shares last traded at $93.13, with a volume of 144,189 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CORT shares. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. Truist Financial raised shares of Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. Zacks Research raised shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Finally, Piper Sandler boosted their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $92.17.

Corcept Therapeutics Stock Performance

The stock has a market capitalization of $9.74 billion, a P/E ratio of 259.72 and a beta of 0.47. The stock has a 50-day moving average price of $80.40 and a two-hundred day moving average price of $54.61.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The business had revenue of $164.90 million for the quarter, compared to analysts' expectations of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. Corcept Therapeutics's quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the firm posted $0.17 earnings per share. Equities analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, CFO Atabak Mokari sold 40,000 shares of the company's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.15, for a total value of $3,246,000.00. Following the completion of the transaction, the chief financial officer directly owned 16,130 shares in the company, valued at approximately $1,308,949.50. This represents a 71.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David L. Mahoney sold 20,000 shares of the firm's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the completion of the sale, the director directly owned 26,147 shares of the company's stock, valued at approximately $2,210,205.91. This represents a 43.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 300,000 shares of company stock worth $22,088,050. 20.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Pathstone Holdings LLC raised its position in shares of Corcept Therapeutics by 0.8% in the 3rd quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company's stock worth $1,497,000 after acquiring an additional 144 shares in the last quarter. State of Wyoming boosted its position in shares of Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock valued at $33,000 after purchasing an additional 186 shares in the last quarter. Gould Capital LLC boosted its position in shares of Corcept Therapeutics by 50.0% during the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock valued at $50,000 after purchasing an additional 200 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in Corcept Therapeutics by 3.7% in the fourth quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company's stock worth $240,000 after purchasing an additional 247 shares during the period. Finally, Evergreen Capital Management LLC grew its stake in Corcept Therapeutics by 3.0% in the fourth quarter. Evergreen Capital Management LLC now owns 8,609 shares of the biotechnology company's stock worth $300,000 after purchasing an additional 248 shares during the period. Hedge funds and other institutional investors own 93.61% of the company's stock.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

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