Investors Buy Large Volume of Put Options on Corcept Therapeutics (NASDAQ:CORT)

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

Analyst Ratings Changes

Several analysts recently weighed in on CORT shares. StockNews.com cut shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 17th. HC Wainwright cut their target price on shares of Corcept Therapeutics from $34.00 to $28.00 and set a “buy” rating on the stock in a research note on Tuesday, January 2nd. Finally, Truist Financial increased their price target on shares of Corcept Therapeutics from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $37.30.

Corcept Therapeutics Price Performance

NASDAQ:CORT opened at $22.30 on Tuesday. The firm’s 50-day moving average price is $23.89 and its 200-day moving average price is $25.44. The company has a market capitalization of $2.32 billion, a PE ratio of 23.47 and a beta of 0.48. Corcept Therapeutics has a 1-year low of $20.84 and a 1-year high of $34.28.

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

Insider Activity

In other Corcept Therapeutics news, insider Sean Maduck sold 27,068 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $25.97, for a total value of $702,955.96. Following the sale, the insider now owns 74,455 shares of the company’s stock, valued at approximately $1,933,596.35. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Joseph Douglas Lyon sold 5,443 shares of Corcept Therapeutics stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $26.00, for a total value of $141,518.00. Following the sale, the insider now directly owns 7,314 shares in the company, valued at approximately $190,164. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Sean Maduck sold 27,068 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $25.97, for a total value of $702,955.96. Following the transaction, the insider now directly owns 74,455 shares in the company, valued at $1,933,596.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 83,783 shares of company stock valued at $2,118,996. 18.60% of the stock is currently owned by company insiders.

Institutional Trading of Corcept Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in CORT. Cambridge Investment Research Advisors Inc. purchased a new position in Corcept Therapeutics in the third quarter worth about $4,726,000. Allspring Global Investments Holdings LLC lifted its position in Corcept Therapeutics by 351.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 83,697 shares of the biotechnology company’s stock valued at $2,280,000 after acquiring an additional 65,148 shares in the last quarter. HighTower Advisors LLC bought a new position in Corcept Therapeutics in the 3rd quarter valued at approximately $580,000. Illinois Municipal Retirement Fund purchased a new stake in Corcept Therapeutics during the 3rd quarter valued at $1,460,000. Finally, Burney Co. increased its holdings in shares of Corcept Therapeutics by 40.2% in the 3rd quarter. Burney Co. now owns 401,263 shares of the biotechnology company’s stock worth $10,932,000 after purchasing an additional 115,006 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

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.