Investors Purchase Large Volume of Put Options on Corcept Therapeutics (NASDAQ:CORT)

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the target of unusually large options trading on Tuesday. Investors bought 3,892 put options on the stock. This is an increase of 129% compared to the typical daily volume of 1,699 put options.

Analysts Set New Price Targets

A number of analysts recently weighed in on CORT shares. Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a research report on Tuesday. Truist Financial increased their price target on Corcept Therapeutics from $76.00 to $150.00 and gave the stock a “buy” rating in a report on Monday. StockNews.com lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Piper Sandler raised their target price on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. Finally, HC Wainwright lifted their price target on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the company a “buy” rating in a research note on Monday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $130.00.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 20,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the sale, the insider now owns 85,318 shares of the company’s stock, valued at $4,299,174.02. This represents a 18.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $50.54, for a total transaction of $111,188.00. The disclosure for this sale can be found here. Insiders have sold 48,022 shares of company stock valued at $2,703,257 in the last three months. 20.50% of the stock is owned by corporate insiders.

Institutional Trading of Corcept Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Synergy Asset Management LLC grew its stake in Corcept Therapeutics by 131.3% in the fourth quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company’s stock valued at $22,369,000 after purchasing an additional 262,503 shares in the last quarter. Van ECK Associates Corp acquired a new stake in shares of Corcept Therapeutics in the fourth quarter valued at approximately $4,483,000. State Street Corp lifted its position in shares of Corcept Therapeutics by 0.6% in the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock valued at $162,871,000 after buying an additional 19,893 shares during the last quarter. Burney Co. boosted its stake in shares of Corcept Therapeutics by 9.1% during the 4th quarter. Burney Co. now owns 473,821 shares of the biotechnology company’s stock worth $23,876,000 after acquiring an additional 39,657 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Corcept Therapeutics by 43.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 253,070 shares of the biotechnology company’s stock valued at $11,712,000 after acquiring an additional 76,573 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Stock Down 15.8 %

Shares of CORT stock traded down $18.08 on Tuesday, hitting $96.14. 3,185,921 shares of the stock were exchanged, compared to its average volume of 1,252,956. The firm has a market capitalization of $10.14 billion, a P/E ratio of 76.30 and a beta of 0.61. Corcept Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $117.33. The business has a 50-day moving average of $63.07 and a 200 day moving average of $55.29. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The business had revenue of $181.89 million during the quarter, compared to the consensus estimate of $200.12 million. Equities analysts anticipate that Corcept Therapeutics will post 1.36 EPS for the current year.

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.