Corcept Therapeutics (NASDAQ:CORT) Trading Down 6.2% - What's Next?

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) were down 6.2% during trading on Monday . The company traded as low as $74.41 and last traded at $72.74. Approximately 98,183 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 1,118,903 shares. The stock had previously closed at $77.56.

Analyst Ratings Changes

Several equities analysts recently weighed in on CORT shares. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Canaccord Genuity Group boosted their price objective on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a research note on Tuesday, April 1st. Truist Financial set a $135.00 target price on Corcept Therapeutics in a research report on Tuesday, May 6th. HC Wainwright dropped their target price on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Finally, Piper Sandler boosted their price target 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 given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $138.25.

Corcept Therapeutics Price Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The business's fifty day simple moving average is $73.38 and its 200 day simple moving average is $63.62. The stock has a market cap of $7.42 billion, a price-to-earnings ratio of 55.54 and a beta of 0.22.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.17. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business had revenue of $157.21 million for the quarter, compared to analyst estimates of $177.93 million. During the same period in the previous year, the company earned $0.25 earnings per share. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. Research analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Sean Maduck sold 100,000 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $100.54, for a total transaction of $10,054,000.00. Following the completion of the sale, the insider now owns 85,622 shares of the company's stock, valued at approximately $8,608,435.88. This trade represents a 53.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph K. Belanoff sold 1,974 shares of Corcept Therapeutics stock in a transaction on Monday, March 24th. The stock was sold at an average price of $60.83, for a total transaction of $120,078.42. Following the completion of the sale, the chief executive officer now owns 3,017,437 shares of the company's stock, valued at approximately $183,550,692.71. This trade represents a 0.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 275,125 shares of company stock worth $23,619,296 in the last three months. 20.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Large investors have recently modified their holdings of the stock. Kestra Investment Management LLC acquired a new stake in Corcept Therapeutics during the fourth quarter valued at approximately $27,000. Canada Pension Plan Investment Board bought a new stake in shares of Corcept Therapeutics in the 4th quarter valued at approximately $40,000. National Bank of Canada FI bought a new stake in shares of Corcept Therapeutics in the 4th quarter valued at approximately $42,000. Brooklyn Investment Group raised its position in shares of Corcept Therapeutics by 99.5% during the 1st quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock valued at $43,000 after acquiring an additional 186 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Corcept Therapeutics during the fourth quarter worth $58,000. Institutional investors own 93.61% of the company's stock.

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.