Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 6.9% on Analyst Downgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares traded down 6.9% during trading on Monday after Canaccord Genuity Group lowered their price target on the stock from $140.00 to $99.00. Canaccord Genuity Group currently has a buy rating on the stock. Corcept Therapeutics traded as low as $35.56 and last traded at $35.5490. 680,404 shares were traded during trading, a decline of 81% from the average session volume of 3,513,320 shares. The stock had previously closed at $38.20.

Other research analysts have also recently issued research reports about the company. Wall Street Zen cut Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Weiss Ratings restated a “hold (c)” rating on shares of Corcept Therapeutics in a report on Monday, December 29th. HC Wainwright cut their price target on shares of Corcept Therapeutics from $145.00 to $90.00 and set a “buy” rating on the stock in a report on Friday. UBS Group began coverage on shares of Corcept Therapeutics in a research note on Tuesday, December 16th. They set a “neutral” rating and a $95.00 price objective for the company. Finally, Truist Financial set a $50.00 price objective on shares of Corcept Therapeutics in a research report on Wednesday, December 31st. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Corcept Therapeutics currently has an average rating of “Hold” and an average target price of $80.83.

Insider Activity at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $79.53, for a total value of $397,650.00. Following the completion of the transaction, the insider directly owned 10,277 shares in the company, valued at approximately $817,329.81. This trade represents a 32.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of the company’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 sale, the chief executive officer owned 2,701,370 shares in the company, valued at $215,488,284.90. The trade was a 1.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 176,700 shares of company stock worth $13,675,398. Company insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Several institutional investors have recently added to or reduced their stakes in CORT. Advisory Services Network LLC bought a new position in shares of Corcept Therapeutics in the 3rd quarter worth about $25,000. Clearstead Advisors LLC raised its stake in Corcept Therapeutics by 163.6% during the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 193 shares during the period. Golden State Wealth Management LLC bought a new position in Corcept Therapeutics in the second quarter worth about $28,000. Huntington National Bank boosted its stake 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 acquiring an additional 168 shares during the period. Finally, Hantz Financial Services Inc. grew its holdings in shares of 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 purchasing an additional 395 shares during the last quarter. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Price Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.14 and a quick ratio of 3.07. The company has a fifty day moving average price of $75.70 and a 200 day moving average price of $74.57. The company has a market capitalization of $3.68 billion, a P/E ratio of 39.72 and a beta of 0.23.

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