Corcept Therapeutics (NASDAQ:CORT) Shares Down 4.5%

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares dropped 4.5% during trading on Friday . The company traded as low as $23.11 and last traded at $23.92. Approximately 356,189 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 1,459,024 shares. The stock had previously closed at $25.06.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Truist Financial raised their target price on Corcept Therapeutics from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday. HC Wainwright increased their target price on shares of Corcept Therapeutics from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, StockNews.com lowered shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Friday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Corcept Therapeutics currently has an average rating of “Buy” and an average price target of $40.10.

Corcept Therapeutics Price Performance

The company has a market capitalization of $2.55 billion, a PE ratio of 23.13 and a beta of 0.50. The stock’s 50 day simple moving average is $23.97 and its 200-day simple moving average is $25.20.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Wednesday, May 1st. The biotechnology company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.04. Corcept Therapeutics had a net margin of 22.38% and a return on equity of 24.19%. The firm had revenue of $146.80 million for the quarter, compared to the consensus estimate of $141.19 million. During the same period in the prior year, the firm earned $0.14 EPS. The firm’s revenue for the quarter was up 38.9% on a year-over-year basis. On average, equities analysts predict that Corcept Therapeutics Incorporated will post 0.98 earnings per share for the current year.

Insider Buying and Selling

In other Corcept Therapeutics news, CAO Joseph Douglas Lyon sold 1,000 shares of the 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 sale, the chief accounting officer now owns 6,774 shares of the company’s stock, valued at approximately $176,124. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Joseph Douglas Lyon sold 1,000 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $26.00, for a total value of $26,000.00. Following the sale, the chief accounting officer now directly owns 6,774 shares in the company, valued at approximately $176,124. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction on Friday, March 1st. The stock was sold at an average price of $23.59, for a total transaction of $51,898.00. The disclosure for this sale can be found here. Insiders sold 81,583 shares of company stock valued at $2,070,596 in the last three months. 20.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC acquired a new stake in Corcept Therapeutics during the third quarter worth approximately $202,000. Cambridge Investment Research Advisors Inc. acquired a new stake in Corcept Therapeutics during the 3rd quarter worth $4,726,000. FinTrust Capital Advisors LLC purchased a new stake in Corcept Therapeutics in the third quarter valued at $27,000. New York State Teachers Retirement System boosted its stake in Corcept Therapeutics by 2.7% in the third quarter. New York State Teachers Retirement System now owns 140,461 shares of the biotechnology company’s stock valued at $3,827,000 after acquiring an additional 3,734 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Corcept Therapeutics during the third quarter worth about $54,000. Institutional investors and hedge funds 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.