Corcept Therapeutics (NASDAQ:CORT) Shares Gap Down – Should You Sell?

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) gapped down before the market opened on Monday . The stock had previously closed at $95.36, but opened at $91.60. Corcept Therapeutics shares last traded at $93.13, with a volume of 144,189 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CORT. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a research report on Monday, June 15th. Wolfe Research reissued an “underperform” rating and set a $50.00 price target on shares of Corcept Therapeutics in a research report on Monday. Weiss Ratings reissued a “hold (c-)” rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Finally, UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.17.

Corcept Therapeutics Price Performance

The stock has a 50 day simple moving average of $80.40 and a 200-day simple moving average of $54.61. The firm has a market cap of $9.74 billion, a PE ratio of 259.72 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The company had revenue of $164.90 million during the quarter, compared to analysts’ expectations of $185.83 million. During the same period in the prior year, the company posted $0.17 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. As a group, equities analysts predict that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Insider Buying and Selling

In other Corcept Therapeutics news, Director David L. Mahoney sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the completion of the sale, the director directly owned 26,147 shares in the company, valued at approximately $2,210,205.91. This trade represents a 43.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $93.13, for a total transaction of $1,862,600.00. Following the completion of the transaction, the insider directly owned 3,985 shares of the company’s stock, valued at $371,123.05. This trade represents a 83.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 300,000 shares of company stock worth $22,088,050 over the last quarter. 20.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of institutional investors have recently made changes to their positions in the company. Torren Management LLC bought a new stake in shares of Corcept Therapeutics during the fourth quarter valued at approximately $25,000. Advisory Services Network LLC bought a new position in Corcept Therapeutics in the 3rd quarter valued at approximately $25,000. Atlas Capital Advisors Inc. purchased a new stake in Corcept Therapeutics during the 4th quarter valued at $31,000. State of Wyoming boosted its stake in Corcept Therapeutics by 29.5% during the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 186 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its holdings in shares of Corcept Therapeutics by 113.7% in the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock worth $34,000 after purchasing an additional 524 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.