Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 3.3%

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) fell 3.3% on Wednesday . The stock traded as low as $22.10 and last traded at $22.23. 98,229 shares changed hands during trading, a decline of 93% from the average session volume of 1,464,333 shares. The stock had previously closed at $23.00.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CORT. HC Wainwright reaffirmed a “buy” rating and set a $38.00 target price on shares of Corcept Therapeutics in a research note on Tuesday. StockNews.com lowered shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, April 17th. Finally, Truist Financial raised their price objective on shares of Corcept Therapeutics from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $39.30.

Corcept Therapeutics Price Performance

The company’s 50 day moving average price is $23.89 and its 200 day moving average price is $25.42. The firm has a market cap of $2.34 billion, a PE ratio of 23.87 and a beta of 0.48.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Thursday, February 15th. The biotechnology company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.03. The firm had revenue of $135.41 million for the quarter, compared to analysts’ expectations of $129.27 million. Corcept Therapeutics had a net margin of 21.86% and a return on equity of 21.98%. The firm’s revenue was up 31.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.14 earnings per share. Sell-side analysts expect that Corcept Therapeutics Incorporated will post 0.92 earnings per share for the current fiscal year.

Insider Activity at Corcept Therapeutics

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $22.00, for a total value of $48,400.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Corcept Therapeutics news, CAO Joseph Douglas Lyon sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $26.00, for a total transaction of $26,000.00. Following the sale, the chief accounting officer now owns 6,774 shares of the company’s stock, valued at $176,124. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $22.00, for a total transaction of $48,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 83,783 shares of company stock valued at $2,118,996 over the last 90 days. 18.60% of the stock is owned by corporate insiders.

Institutional Trading of Corcept Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Milestone Asset Management LLC acquired a new stake in Corcept Therapeutics during the first quarter worth approximately $882,000. Raymond James Financial Services Advisors Inc. acquired a new stake in Corcept Therapeutics during the first quarter worth approximately $1,262,000. Norden Group LLC purchased a new position in shares of Corcept Therapeutics during the first quarter worth approximately $50,081,000. Allspring Global Investments Holdings LLC grew its position in shares of Corcept Therapeutics by 85.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 126,807 shares of the biotechnology company’s stock worth $3,194,000 after acquiring an additional 58,468 shares during the last quarter. Finally, AlphaMark Advisors LLC purchased a new position in shares of Corcept Therapeutics during the first quarter worth approximately $236,000. 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.