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.
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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