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

Corcept Therapeutics Incorporated (NASDAQ:CORT) was down 5.7% during mid-day trading on Tuesday . The stock traded as low as $78.68 and last traded at $82.3350. Approximately 575,369 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 1,149,826 shares. The stock had previously closed at $87.30.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Monday, December 8th. Zacks Research cut Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 1st. Canaccord Genuity Group reissued a “buy” rating and issued a $140.00 price target on shares of Corcept Therapeutics in a report on Thursday, September 25th. Wolfe Research assumed coverage on Corcept Therapeutics in a research report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Finally, UBS Group started coverage on Corcept Therapeutics in a research report on Tuesday. They set a “neutral” rating and a $95.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $127.20.

Corcept Therapeutics Stock Down 8.5%

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

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.02). Corcept Therapeutics had a return on equity of 15.99% and a net margin of 14.19%.The business had revenue of $207.64 million for the quarter, compared to analysts’ expectations of $223.78 million. During the same quarter last year, the company posted $0.41 earnings per share. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Activity at Corcept Therapeutics

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $79.77, for a total value of $3,190,800.00. Following the completion of the sale, the chief executive officer directly owned 2,701,370 shares in the company, valued at approximately $215,488,284.90. The trade was a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph Douglas Lyon sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $79.53, for a total transaction of $397,650.00. Following the transaction, the insider directly owned 10,277 shares of the company’s stock, valued at $817,329.81. This trade represents a 32.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 261,700 shares of company stock valued at $21,002,348 over the last three months. Insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Advisory Services Network LLC acquired a new stake in Corcept Therapeutics during the third quarter worth about $25,000. Clearstead Advisors LLC grew its holdings in shares of Corcept Therapeutics by 163.6% during the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 193 shares during the period. Golden State Wealth Management LLC acquired a new stake in Corcept Therapeutics during the 2nd quarter worth approximately $28,000. Huntington National Bank raised its holdings in Corcept Therapeutics by 54.0% in the second quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock valued at $35,000 after buying an additional 168 shares during the period. Finally, Hantz Financial Services Inc. lifted its position in Corcept Therapeutics by 598.5% during the third quarter. Hantz Financial Services Inc. now owns 461 shares of the biotechnology company’s stock valued at $38,000 after buying an additional 395 shares in the last quarter. 93.61% of the stock is owned by hedge funds and other 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.