Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 4.4% – Should You Sell?

Corcept Therapeutics Incorporated (NASDAQ:CORT) fell 4.4% during mid-day trading on Wednesday . The company traded as low as $58.49 and last traded at $58.41. 403,738 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 737,340 shares. The stock had previously closed at $61.11.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CORT shares. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. Truist Financial raised their target price on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a research note on Monday, September 30th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Finally, Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $65.25.

Corcept Therapeutics Price Performance

The stock has a market capitalization of $6.29 billion, a PE ratio of 47.61 and a beta of 0.56. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The firm’s 50-day moving average price is $54.85 and its 200-day moving average price is $45.44.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm had revenue of $182.55 million during the quarter, compared to analysts’ expectations of $171.97 million. During the same quarter in the previous year, the business earned $0.28 EPS. The company’s quarterly revenue was up 47.7% on a year-over-year basis. On average, equities analysts forecast that Corcept Therapeutics Incorporated will post 1.35 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider William Guyer sold 6,606 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $48.97, for a total value of $323,495.82. Following the transaction, the insider now owns 5,796 shares of the company’s stock, valued at $283,830.12. This trade represents a 53.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Joseph Douglas Lyon sold 1,411 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.72, for a total value of $80,031.92. Following the completion of the sale, the insider now owns 8,494 shares of the company’s stock, valued at $481,779.68. The trade was a 14.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,011 shares of company stock valued at $1,951,268 over the last 90 days. Insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CORT. M&G PLC bought a new position in shares of Corcept Therapeutics during the 3rd quarter worth $11,173,000. Empowered Funds LLC purchased a new position in Corcept Therapeutics during the 3rd quarter valued at about $1,784,000. Victory Capital Management Inc. increased its position in Corcept Therapeutics by 49.2% during the 3rd quarter. Victory Capital Management Inc. now owns 41,823 shares of the biotechnology company’s stock valued at $1,936,000 after purchasing an additional 13,787 shares during the period. State Street Corp raised its holdings in shares of Corcept Therapeutics by 0.6% in the 3rd quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock valued at $162,871,000 after purchasing an additional 19,893 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Corcept Therapeutics by 20.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company’s stock worth $39,781,000 after purchasing an additional 143,507 shares during the period. 93.61% of the stock is owned by institutional investors.

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.