Corcept Therapeutics (NASDAQ:CORT) Shares Gap Down After Insider Selling

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s stock price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $60.08, but opened at $56.08. Corcept Therapeutics shares last traded at $59.19, with a volume of 192,894 shares trading hands.

Specifically, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $59.46, for a total value of $130,812.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CORT. HC Wainwright restated a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Truist Financial lifted their price target on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Piper Sandler upped their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Finally, StockNews.com downgraded shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $65.25.

Corcept Therapeutics Trading Down 1.6 %

The business has a fifty day moving average price of $53.06 and a two-hundred day moving average price of $41.15. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $5.80 billion, a PE ratio of 43.97 and a beta of 0.51.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.14. The company had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. Corcept Therapeutics’s revenue was up 47.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.28 earnings per share. Analysts expect that Corcept Therapeutics Incorporated will post 1.35 EPS for the current fiscal year.

Institutional Trading of Corcept Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP acquired a new position in Corcept Therapeutics in the 3rd quarter valued at about $25,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Corcept Therapeutics in the third quarter valued at approximately $36,000. Blue Trust Inc. increased its stake in Corcept Therapeutics by 125.4% during the 2nd quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company’s stock worth $115,000 after buying an additional 1,962 shares during the period. GAMMA Investing LLC lifted its holdings in Corcept Therapeutics by 85.4% during the 3rd quarter. GAMMA Investing LLC now owns 2,490 shares of the biotechnology company’s stock worth $115,000 after buying an additional 1,147 shares in the last quarter. Finally, nVerses Capital LLC boosted its position in Corcept Therapeutics by 62.5% in the 2nd quarter. nVerses Capital LLC now owns 3,900 shares of the biotechnology company’s stock valued at $127,000 after buying an additional 1,500 shares during the period. 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.