Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 3.3%

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares dropped 3.3% during mid-day trading on Wednesday . The company traded as low as $22.10 and last traded at $22.23. Approximately 98,229 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 1,464,333 shares. The stock had previously closed at $23.00.

Wall Street Analyst Weigh In

CORT has been the topic of a number of recent analyst reports. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, April 17th. HC Wainwright restated a “buy” rating and set a $38.00 price objective on shares of Corcept Therapeutics in a research note on Tuesday. Finally, Truist Financial raised their price objective on Corcept Therapeutics from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $39.30.

Corcept Therapeutics Price Performance

The company has a market capitalization of $2.34 billion, a P/E ratio of 23.87 and a beta of 0.48. The company has a fifty day moving average price of $23.89 and a 200 day moving average price of $25.42.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Thursday, February 15th. The biotechnology company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.25 by $0.03. The company had revenue of $135.41 million during the quarter, compared to analyst estimates of $129.27 million. Corcept Therapeutics had a return on equity of 21.98% and a net margin of 21.86%. The business’s revenue was up 31.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 earnings per share. On average, equities research analysts predict that Corcept Therapeutics Incorporated will post 0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Joseph Douglas Lyon sold 1,000 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $26.00, for a total value of $26,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,774 shares of the company’s stock, valued at approximately $176,124. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $25.30, for a total value of $55,660.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Joseph Douglas Lyon sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $26.00, for a total value of $26,000.00. Following the completion of the sale, the chief accounting officer now owns 6,774 shares of the company’s stock, valued at $176,124. The disclosure for this sale can be found here. Insiders sold 83,783 shares of company stock valued at $2,118,996 in the last three months. 18.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. acquired a new stake in Corcept Therapeutics in the third quarter worth approximately $4,726,000. Allspring Global Investments Holdings LLC lifted its position in shares of Corcept Therapeutics by 351.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 83,697 shares of the biotechnology company’s stock valued at $2,280,000 after acquiring an additional 65,148 shares during the last quarter. HighTower Advisors LLC acquired a new stake in shares of Corcept Therapeutics during the 3rd quarter valued at $580,000. Illinois Municipal Retirement Fund acquired a new stake in shares of Corcept Therapeutics during the 3rd quarter valued at $1,460,000. Finally, Linden Thomas Advisory Services LLC lifted its position in shares of Corcept Therapeutics by 1.0% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 56,671 shares of the biotechnology company’s stock valued at $1,841,000 after acquiring an additional 555 shares during the last quarter. 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.