Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 5.3% – Time to Sell?

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares dropped 5.3% during mid-day trading on Wednesday . The stock traded as low as $65.92 and last traded at $65.92. Approximately 456,637 shares were traded during trading, a decline of 59% from the average daily volume of 1,121,962 shares. The stock had previously closed at $69.59.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Truist Financial upped their price target on Corcept Therapeutics from $76.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, March 31st. Canaccord Genuity Group lifted their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a report on Tuesday, April 1st. Piper Sandler increased their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a report on Thursday, April 3rd. StockNews.com downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Finally, HC Wainwright raised their price target on Corcept Therapeutics from $115.00 to $150.00 and gave the company a “buy” rating in a report on Monday, March 31st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Corcept Therapeutics has an average rating of “Moderate Buy” and an average target price of $143.25.

Corcept Therapeutics Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The business has a 50-day moving average of $65.55 and a 200-day moving average of $58.19. The company has a market capitalization of $6.57 billion, a P/E ratio of 49.40 and a beta of 0.15.

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

Insider Activity

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $70.22, for a total transaction of $154,484.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sean Maduck sold 100,000 shares of Corcept Therapeutics stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $100.54, for a total transaction of $10,054,000.00. Following the sale, the insider now owns 85,622 shares of the company’s stock, valued at $8,608,435.88. The trade was a 53.87 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 163,124 shares of company stock valued at $15,117,614. 20.50% of the stock is currently owned by insiders.

Institutional Trading of Corcept Therapeutics

Large investors have recently modified their holdings of the company. QRG Capital Management Inc. increased its holdings in Corcept Therapeutics by 0.6% during the 1st quarter. QRG Capital Management Inc. now owns 96,923 shares of the biotechnology company’s stock worth $11,071,000 after purchasing an additional 558 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Corcept Therapeutics by 3.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company’s stock valued at $909,000 after buying an additional 230 shares during the period. Goldstone Financial Group LLC bought a new stake in shares of Corcept Therapeutics in the first quarter valued at about $547,000. SG Americas Securities LLC lifted its stake in Corcept Therapeutics by 285.3% in the first quarter. SG Americas Securities LLC now owns 43,109 shares of the biotechnology company’s stock worth $4,924,000 after acquiring an additional 31,922 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new position in Corcept Therapeutics during the 1st quarter worth about $228,000. Hedge funds and other institutional investors 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.