Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 4.5%

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) dropped 4.5% during trading on Friday . The company traded as low as $23.11 and last traded at $23.92. Approximately 356,189 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 1,459,024 shares. The stock had previously closed at $25.06.

Wall Street Analyst Weigh In

Several research firms have commented on CORT. StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Friday. HC Wainwright increased their price objective on shares of Corcept Therapeutics from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Truist Financial lifted their price target on Corcept Therapeutics from $42.00 to $44.00 and gave the company a “buy” rating in a report on Thursday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Corcept Therapeutics has an average rating of “Buy” and a consensus price target of $40.10.

Corcept Therapeutics Stock Performance

The firm has a fifty day moving average price of $23.93 and a 200 day moving average price of $25.25. The stock has a market cap of $2.55 billion, a PE ratio of 23.64 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Wednesday, May 1st. The biotechnology company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.04. Corcept Therapeutics had a return on equity of 25.29% and a net margin of 22.38%. The business had revenue of $146.80 million during the quarter, compared to the consensus estimate of $141.19 million. During the same quarter last year, the company earned $0.14 earnings per share. The company’s quarterly revenue was up 38.9% on a year-over-year basis. On average, equities research analysts forecast that Corcept Therapeutics Incorporated will post 0.99 earnings per share for the current year.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,443 shares of the firm’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $26.00, for a total value of $141,518.00. Following the completion of the transaction, the insider now owns 7,314 shares of the company’s stock, valued at $190,164. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $23.59, for a total transaction of $51,898.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph Douglas Lyon sold 5,443 shares of the company’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $26.00, for a total transaction of $141,518.00. Following the completion of the sale, the insider now directly owns 7,314 shares in the company, valued at $190,164. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,583 shares of company stock valued at $2,070,596. Insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CORT. FinTrust Capital Advisors LLC purchased a new position in shares of Corcept Therapeutics during the 3rd quarter valued at about $27,000. GAMMA Investing LLC lifted its holdings in Corcept Therapeutics by 90.6% in the first quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 579 shares during the period. FNY Investment Advisers LLC purchased a new stake in Corcept Therapeutics in the 4th quarter worth approximately $32,000. Gladius Capital Management LP acquired a new stake in shares of Corcept Therapeutics during the 4th quarter worth approximately $36,000. Finally, Planned Solutions Inc. purchased a new position in shares of Corcept Therapeutics during the 4th quarter valued at approximately $45,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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.