Corcept Therapeutics (NASDAQ:CORT) Share Price Passes Above 200-Day Moving Average – Should You Sell?

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $52.14 and traded as high as $89.24. Corcept Therapeutics shares last traded at $87.89, with a volume of 864,939 shares.

Wall Street Analysts Forecast Growth

CORT has been the topic of several recent analyst reports. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research note on Thursday, May 28th. Wolfe Research raised Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research report on Thursday, March 26th. Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. Finally, Canaccord Genuity Group increased their price target on Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $88.83.

Corcept Therapeutics Price Performance

The stock has a market capitalization of $9.50 billion, a price-to-earnings ratio of 252.81 and a beta of 0.50. The firm has a fifty day moving average of $65.34 and a 200 day moving average of $52.15.

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 analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. During the same period in the previous year, the firm posted $0.17 earnings per share. The company’s revenue was up 4.9% compared to the same quarter last year. Research analysts predict that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

Insider Transactions at Corcept Therapeutics

In related news, Director David L. Mahoney sold 20,000 shares of the stock in a transaction 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 sale, the director directly owned 26,147 shares of the company’s stock, valued at approximately $2,210,205.91. This represents a 43.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Atabak Mokari sold 40,000 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.15, for a total transaction of $3,246,000.00. Following the sale, the chief financial officer owned 16,130 shares in the company, valued at approximately $1,308,949.50. This represents a 71.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 275,000 shares of company stock worth $18,836,100. 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 company. Royal Bank of Canada grew its holdings in Corcept Therapeutics by 18.9% in the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock valued at $1,757,000 after buying an additional 2,444 shares in the last quarter. Amundi purchased a new position in shares of Corcept Therapeutics during the 1st quarter worth $450,000. NewEdge Advisors LLC acquired a new position in shares of Corcept Therapeutics during the 1st quarter valued at about $518,000. EverSource Wealth Advisors LLC boosted its position in shares of Corcept Therapeutics by 273.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock valued at $106,000 after acquiring an additional 1,055 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Corcept Therapeutics by 795.3% in the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock valued at $3,391,000 after purchasing an additional 41,040 shares during the period. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Company Profile

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.