Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 5.7% – Here’s Why

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s stock price traded down 5.7% on Tuesday . The stock traded as low as $78.68 and last traded at $82.3350. 575,369 shares changed hands during trading, a decline of 50% from the average session volume of 1,149,826 shares. The stock had previously closed at $87.30.

Analyst Ratings Changes

A number of research firms recently commented on CORT. UBS Group started coverage on shares of Corcept Therapeutics in a research report on Tuesday. They issued a “neutral” rating and a $95.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $145.00 price objective on shares of Corcept Therapeutics in a research note on Tuesday, November 25th. Canaccord Genuity Group reiterated a “buy” rating and set a $140.00 target price on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Wolfe Research began coverage on Corcept Therapeutics in a report on Tuesday, November 18th. They issued a “peer perform” rating for the company. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Monday, December 8th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Corcept Therapeutics presently has an average rating of “Hold” and a consensus target price of $127.20.

Corcept Therapeutics Price Performance

The company has a 50-day moving average of $78.25 and a 200-day moving average of $74.79. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.07 and a current ratio of 3.14. The stock has a market cap of $8.40 billion, a price-to-earnings ratio of 90.72 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The company had revenue of $207.64 million for the quarter, compared to analyst estimates of $223.78 million. Corcept Therapeutics had a return on equity of 15.99% and a net margin of 14.19%.The firm’s revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.41 earnings per share. As a group, equities research analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the company’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $75.36, for a total transaction of $1,507,200.00. Following the completion of the transaction, the insider owned 5,287 shares in the company, valued at approximately $398,428.32. This represents a 79.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sean Maduck sold 20,000 shares of Corcept Therapeutics stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $73.99, for a total transaction of $1,479,800.00. Following the completion of the sale, the insider directly owned 7,904 shares in the company, valued at approximately $584,816.96. The trade was a 71.67% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 261,700 shares of company stock valued at $21,002,348. 20.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Several institutional investors have recently modified their holdings of the company. Advisory Services Network LLC purchased a new position in Corcept Therapeutics in the 3rd quarter valued at approximately $25,000. Clearstead Advisors LLC grew its holdings in Corcept Therapeutics by 163.6% in the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 193 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Corcept Therapeutics in the second quarter valued at $28,000. Huntington National Bank raised its stake in shares of Corcept Therapeutics by 54.0% during the 2nd quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock worth $35,000 after buying an additional 168 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its position in shares of Corcept Therapeutics by 598.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 461 shares of the biotechnology company’s stock worth $38,000 after buying an additional 395 shares in the last quarter. Hedge funds and other 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.