Corcept Therapeutics (NASDAQ:CORT) Shares Gap Down – Time to Sell?

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares gapped down before the market opened on Friday . The stock had previously closed at $44.61, but opened at $37.39. Corcept Therapeutics shares last traded at $38.4150, with a volume of 762,226 shares changing hands.

Key Corcept Therapeutics News

Here are the key news stories impacting Corcept Therapeutics this week:

• Negative Sentiment: Corrected FDA letter shows agency warned Corcept multiple times not to file the relacorilant application, suggesting the submission may have been premature and increasing the likelihood of rejection or lengthy remediation — a direct hit to the drug’s approval outlook and commercial timeline. Read More.
• Negative Sentiment: Market coverage amplified the regulatory setback and its implications for relacorilant; media reports accelerated selling pressure and negative investor sentiment. Read More.
• Negative Sentiment: Multiple law firms have launched securities investigations and potential class‑action claims alleging Corcept may have misled investors about relacorilant or related disclosures; this increases legal and financial risk (possible settlements, defense costs, management distraction). Representative notices: Berman Tabacco, Rosen Law Firm, Bernstein Liebhard, Block & Leviton, Pomerantz, Schall, DJS. Read More. Read More. Read More.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CORT shares. Weiss Ratings reissued a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Monday, December 29th. Wall Street Zen downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Truist Financial set a $50.00 price target on Corcept Therapeutics in a report on Wednesday, December 31st. Zacks Research downgraded shares of Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. Finally, Canaccord Genuity Group boosted their target price on shares of Corcept Therapeutics from $99.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Corcept Therapeutics has a consensus rating of “Hold” and a consensus target price of $83.50.

Corcept Therapeutics Price Performance

The business has a 50-day moving average price of $62.11 and a two-hundred day moving average price of $70.16. The company has a quick ratio of 3.07, a current ratio of 3.14 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 45.31 and a beta of 0.23.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 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 business had revenue of $207.64 million for the quarter, compared to the consensus estimate of $223.78 million. During the same quarter last year, the firm posted $0.41 EPS. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Buying and Selling

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $79.53, for a total transaction of $397,650.00. Following the completion of the sale, the insider owned 10,277 shares in the company, valued at approximately $817,329.81. This represents a 32.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer owned 2,701,370 shares in the company, valued at approximately $215,488,284.90. This trade represents a 1.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 194,500 shares of company stock valued at $14,186,410. Company insiders own 20.80% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Pathstone Holdings LLC grew its position in Corcept Therapeutics by 0.8% in the 3rd quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company’s stock worth $1,497,000 after purchasing an additional 144 shares in the last quarter. Huntington National Bank grew its holdings in shares of 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 in the last quarter. Campbell Newman Asset Management Inc. grew its holdings in shares of Corcept Therapeutics by 0.5% in the third quarter. Campbell Newman Asset Management Inc. now owns 35,530 shares of the biotechnology company’s stock valued at $2,953,000 after acquiring an additional 170 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Corcept Therapeutics by 1.8% during the second quarter. Nisa Investment Advisors LLC now owns 9,951 shares of the biotechnology company’s stock worth $730,000 after acquiring an additional 180 shares during the period. Finally, Clearstead Advisors LLC lifted its holdings 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. 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.