Corcept Therapeutics (NASDAQ:CORT) Trading Down 9.3% – Here’s What Happened

Corcept Therapeutics Incorporated (NASDAQ:CORT) was down 9.3% on Thursday . The stock traded as low as $67.77 and last traded at $66.70. Approximately 296,142 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 825,079 shares. The stock had previously closed at $73.53.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CORT shares. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Corcept Therapeutics in a research report on Friday, February 7th. Canaccord Genuity Group raised their target price on Corcept Therapeutics from $78.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Finally, StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $88.25.

Corcept Therapeutics Stock Down 7.9 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The firm has a market cap of $7.09 billion, a price-to-earnings ratio of 53.73 and a beta of 0.58. The firm has a 50-day moving average price of $58.79 and a two-hundred day moving average price of $50.15.

Insider Buying and Selling

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $68.08, for a total value of $149,776.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sean Maduck sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $50.39, for a total value of $1,007,800.00. Following the completion of the sale, the insider now directly owns 85,318 shares of the company’s stock, valued at $4,299,174.02. This represents a 18.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,011 shares of company stock worth $1,479,608 in the last quarter. 20.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CORT. Creative Planning raised its holdings in shares of Corcept Therapeutics by 7.2% in the third quarter. Creative Planning now owns 12,467 shares of the biotechnology company’s stock worth $577,000 after acquiring an additional 841 shares during the last quarter. Blue Trust Inc. grew its position in Corcept Therapeutics by 230.6% during the third quarter. Blue Trust Inc. now owns 11,658 shares of the biotechnology company’s stock valued at $540,000 after acquiring an additional 8,132 shares during the period. Allspring Global Investments Holdings LLC grew its position in Corcept Therapeutics by 97.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 251,068 shares of the biotechnology company’s stock valued at $11,619,000 after acquiring an additional 123,720 shares during the period. Hennion & Walsh Asset Management Inc. grew its position in Corcept Therapeutics by 16.5% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 69,327 shares of the biotechnology company’s stock valued at $3,208,000 after acquiring an additional 9,838 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Corcept Therapeutics during the third quarter valued at about $238,000. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Company Profile

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.