Corcept Therapeutics (NASDAQ:CORT) Shares Gap Down on Analyst Downgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares gapped down before the market opened on Monday after Wolfe Research downgraded the stock from a peer perform rating to an underperform rating. The stock had previously closed at $95.36, but opened at $91.60. Wolfe Research now has a $50.00 price target on the stock. Corcept Therapeutics shares last traded at $93.13, with a volume of 144,189 shares traded.

Several other research firms have also recently weighed in on CORT. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Truist Financial raised Corcept Therapeutics to a “strong-buy” rating in a research report on Monday, June 15th. HC Wainwright lifted their price target on Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Finally, Canaccord Genuity Group upped their price target on Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $92.17.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Sean Maduck sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $65.59, for a total value of $4,919,250.00. Following the transaction, the insider owned 8,977 shares in the company, valued at $588,801.43. The trade was a 89.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James N. Wilson sold 10,000 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $83.20, for a total value of $832,000.00. Following the completion of the transaction, the director directly owned 1,094,543 shares in the company, valued at approximately $91,065,977.60. The trade was a 0.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 300,000 shares of company stock valued at $22,088,050 in the last three months. Company insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Several large investors have recently made changes to their positions in the company. Torren Management LLC bought a new position in Corcept Therapeutics during the fourth quarter valued at approximately $25,000. Advisory Services Network LLC bought a new stake in Corcept Therapeutics in the third quarter worth approximately $25,000. Atlas Capital Advisors Inc. bought a new stake in Corcept Therapeutics in the fourth quarter worth approximately $31,000. State of Wyoming increased its stake in shares of Corcept Therapeutics by 29.5% during the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 186 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its stake in shares of Corcept Therapeutics by 113.7% during 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 during the last quarter. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Trading Up 3.4%

The firm has a market cap of $10.11 billion, a P/E ratio of 269.12 and a beta of 0.47. The business’s fifty day moving average price is $81.83 and its two-hundred day moving average price is $55.40.

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

Corcept Therapeutics Company Profile

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.