Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 4.9% - Here's Why

Key Points

• Corcept Therapeutics' stock price fell by 4.9%, trading at $85.92, with a significant drop in trading volume by 97% compared to the average session.
• Research analysts have mixed ratings, with Zacks cutting its rating to "strong sell", while Canaccord Genuity maintained a "buy" rating with a price target of $140.00.
• Despite a 20.10% return on equity and a revenue increase of 18.7% year-over-year, the company missed its revenue estimates by $4.97 million.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) traded down 4.9% during mid-day trading on Wednesday . The stock traded as low as $88.55 and last traded at $85.92. 40,541 shares changed hands during trading, a decline of 97% from the average session volume of 1,233,159 shares. The stock had previously closed at $90.32.

Wall Street Analyst Weigh In

CORT has been the topic of several research analyst reports. Zacks Research cut Corcept Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 1st. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "buy" rating in a research note on Friday, September 26th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $140.00 target price on shares of Corcept Therapeutics in a research note on Thursday, September 25th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Corcept Therapeutics in a research note on Wednesday. Finally, Piper Sandler lowered their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $135.25.

Corcept Therapeutics Trading Down 0.5%

The company has a fifty day moving average price of $74.68 and a 200-day moving average price of $72.67. The firm has a market capitalization of $9.46 billion, a price-to-earnings ratio of 79.62 and a beta of 0.46.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The business had revenue of $194.43 million for the quarter, compared to the consensus estimate of $199.40 million. During the same period last year, the business earned $0.32 EPS. The firm's revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider William Guyer sold 35,007 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $71.77, for a total value of $2,512,452.39. Following the transaction, the insider directly owned 5,487 shares of the company's stock, valued at approximately $393,801.99. This trade represents a 86.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Maduck sold 35,007 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $67.79, for a total value of $2,373,124.53. Following the completion of the transaction, the insider directly owned 7,681 shares in the company, valued at $520,694.99. The trade was a 82.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 286,810 shares of company stock valued at $21,071,092 over the last 90 days. 20.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its position in Corcept Therapeutics by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,136,510 shares of the biotechnology company's stock worth $243,708,000 after buying an additional 57,942 shares during the period. Invesco Ltd. grew its position in Corcept Therapeutics by 76.5% during the first quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock worth $142,345,000 after buying an additional 540,101 shares in the last quarter. Northern Trust Corp increased its position in shares of Corcept Therapeutics by 0.6% during the first quarter. Northern Trust Corp now owns 1,022,001 shares of the biotechnology company's stock valued at $116,733,000 after purchasing an additional 6,486 shares during the period. Norges Bank bought a new stake in shares of Corcept Therapeutics during the second quarter valued at approximately $72,048,000. Finally, TD Asset Management Inc bought a new stake in shares of Corcept Therapeutics during the second quarter valued at approximately $60,179,000. 93.61% of the stock is owned by institutional investors.

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.

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