Stock Traders Buy Large Volume of Corcept Therapeutics Put Options (NASDAQ:CORT)

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the recipient of some unusual options trading on Monday. Traders bought 4,326 put options on the stock. This is an increase of approximately 197% compared to the typical daily volume of 1,456 put options.

Corcept Therapeutics Stock Up 3.1 %

Shares of NASDAQ:CORT opened at $23.00 on Wednesday. The company has a market cap of $2.39 billion, a P/E ratio of 24.26 and a beta of 0.48. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $34.28. The company has a 50-day moving average price of $23.89 and a 200 day moving average price of $25.44.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Thursday, February 15th. The biotechnology company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. The firm had revenue of $135.41 million during the quarter, compared to the consensus estimate of $129.27 million. Corcept Therapeutics had a net margin of 21.86% and a return on equity of 21.98%. The firm’s revenue was up 31.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.14 earnings per share. Analysts expect that Corcept Therapeutics will post 0.92 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 17th. HC Wainwright reissued a “buy” rating and set a $38.00 price target on shares of Corcept Therapeutics in a report on Tuesday. Finally, Truist Financial raised their price target on Corcept Therapeutics from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Corcept Therapeutics presently has a consensus rating of “Buy” and an average price target of $39.30.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, CAO Joseph Douglas Lyon sold 1,000 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $26.00, for a total transaction of $26,000.00. Following the transaction, the chief accounting officer now owns 6,774 shares of the company’s stock, valued at $176,124. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $22.00, for a total transaction of $48,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Joseph Douglas Lyon sold 1,000 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $26.00, for a total value of $26,000.00. Following the transaction, the chief accounting officer now directly owns 6,774 shares in the company, valued at approximately $176,124. The disclosure for this sale can be found here. Insiders have sold 83,783 shares of company stock valued at $2,118,996 over the last quarter. 18.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Milestone Asset Management LLC acquired a new stake in shares of Corcept Therapeutics during the 1st quarter valued at approximately $882,000. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Corcept Therapeutics during the 1st quarter valued at approximately $1,262,000. Norden Group LLC acquired a new stake in shares of Corcept Therapeutics during the 1st quarter valued at approximately $50,081,000. Allspring Global Investments Holdings LLC lifted its position in shares of Corcept Therapeutics by 85.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 126,807 shares of the biotechnology company’s stock valued at $3,194,000 after acquiring an additional 58,468 shares during the period. Finally, AlphaMark Advisors LLC acquired a new position in shares of Corcept Therapeutics during the 1st quarter worth approximately $236,000. 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.