Corcept Therapeutics (NASDAQ:CORT) Shares Gap Down Following Analyst Downgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s stock price gapped down before the market opened on Monday after Wolfe Research downgraded the stock from a peer perform rating to an underperform rating. The stock had previously closed at $95.36, but opened at $91.60. Wolfe Research now has a $50.00 price target on the stock. Corcept Therapeutics shares last traded at $93.13, with a volume of 144,189 shares changing hands.

A number of other research analysts also recently issued reports on CORT. Canaccord Genuity Group boosted their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. HC Wainwright increased their price objective on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a report on Thursday, May 28th. Finally, Piper Sandler upped their price target on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $92.17.

Insiders Place Their Bets

In other news, Director David L. Mahoney sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the completion of the sale, the director owned 26,147 shares of the company’s stock, valued at $2,210,205.91. This trade represents a 43.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director James N. Wilson sold 10,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total transaction of $832,000.00. Following the completion of the sale, the director owned 1,094,543 shares of the company’s stock, valued at $91,065,977.60. This represents a 0.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 300,000 shares of company stock valued at $22,088,050 in the last 90 days. Company insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Large investors have recently bought and sold shares of the stock. Pathstone Holdings LLC raised its holdings in shares of Corcept Therapeutics by 0.8% during the third quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company’s stock valued at $1,497,000 after purchasing an additional 144 shares during the period. State of Wyoming boosted its position in shares of Corcept Therapeutics by 29.5% during the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 186 shares in the last quarter. Gould Capital LLC grew its stake in shares of Corcept Therapeutics by 50.0% in the 3rd quarter. Gould Capital LLC now owns 600 shares of the biotechnology company’s stock valued at $50,000 after buying an additional 200 shares during the period. Sequoia Financial Advisors LLC grew its stake in shares of Corcept Therapeutics by 3.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company’s stock valued at $240,000 after buying an additional 247 shares during the period. Finally, Evergreen Capital Management LLC increased its position in Corcept Therapeutics by 3.0% in the 4th quarter. Evergreen Capital Management LLC now owns 8,609 shares of the biotechnology company’s stock valued at $300,000 after buying an additional 248 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Trading Up 3.4%

The business has a 50-day moving average of $81.83 and a 200 day moving average of $55.40. The firm has a market capitalization of $10.11 billion, a P/E ratio of 269.12 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. During the same quarter in the previous year, the company posted $0.17 EPS. The firm’s revenue was up 4.9% on a year-over-year basis. As a group, research analysts forecast that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.