Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 22.1%

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Corcept Therapeutics Incorporated (NASDAQ:CORT) dropped 22.1% during mid-day trading on Wednesday . The stock traded as low as $11.17 and last traded at $13.21, approximately 6,865,800 shares changed hands during mid-day trading. An increase of 615% from the average daily volume of 959,971 shares. The stock had previously closed at $16.96.

A number of brokerages recently issued reports on CORT. ValuEngine downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. TheStreet upgraded Corcept Therapeutics from a “c+” rating to a “b” rating in a report on Friday, August 16th. Zacks Investment Research upgraded Corcept Therapeutics from a “sell” rating to a “hold” rating and set a $12.00 price objective on the stock in a research report on Wednesday, July 31st. HC Wainwright began coverage on Corcept Therapeutics in a research note on Friday, September 6th. They set a “buy” rating and a $18.00 target price on the stock. Finally, Jefferies Financial Group assumed coverage on Corcept Therapeutics in a report on Tuesday, September 24th. They set a “buy” rating and a $20.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Corcept Therapeutics has an average rating of “Buy” and an average price target of $15.00.

The company’s 50-day moving average price is $14.68 and its 200 day moving average price is $12.41. The stock has a market capitalization of $1.88 billion, a PE ratio of 22.02 and a beta of 1.35.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.03. Corcept Therapeutics had a net margin of 30.41% and a return on equity of 29.08%. The company had revenue of $81.51 million for the quarter, compared to analysts’ expectations of $77.86 million. During the same quarter in the previous year, the company earned $0.22 earnings per share. Corcept Therapeutics’s quarterly revenue was up 26.5% on a year-over-year basis. On average, research analysts expect that Corcept Therapeutics Incorporated will post 0.77 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the business. Ingalls & Snyder LLC lifted its stake in shares of Corcept Therapeutics by 2.2% in the 3rd quarter. Ingalls & Snyder LLC now owns 8,712,176 shares of the biotechnology company’s stock valued at $123,147,000 after purchasing an additional 190,377 shares during the period. Renaissance Technologies LLC lifted its position in Corcept Therapeutics by 10.5% during the second quarter. Renaissance Technologies LLC now owns 5,590,509 shares of the biotechnology company’s stock valued at $62,334,000 after buying an additional 532,700 shares during the period. Morgan Stanley lifted its position in Corcept Therapeutics by 54.8% during the second quarter. Morgan Stanley now owns 1,564,554 shares of the biotechnology company’s stock valued at $17,444,000 after buying an additional 553,851 shares during the period. Northern Trust Corp lifted its position in Corcept Therapeutics by 0.8% during the second quarter. Northern Trust Corp now owns 1,291,993 shares of the biotechnology company’s stock valued at $14,406,000 after buying an additional 10,825 shares during the period. Finally, Parallel Advisors LLC boosted its holdings in shares of Corcept Therapeutics by 49,048.1% during the 3rd quarter. Parallel Advisors LLC now owns 1,277,851 shares of the biotechnology company’s stock valued at $18,062,000 after buying an additional 1,275,251 shares in the last quarter. Hedge funds and other institutional investors own 75.99% of the company’s stock.

Corcept Therapeutics Company Profile (NASDAQ:CORT)

Corcept Therapeutics Incorporated discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and psychiatric disorders in the United States. The company offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery.

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