Corcept Therapeutics Incorporated (NASDAQ:CORT – Get Rating)'s share price fell 4.9% on Tuesday . The company traded as low as $22.99 and last traded at $22.99. 349,104 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 583,214 shares. The stock had previously closed at $24.17.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on CORT. HC Wainwright decreased their price target on Corcept Therapeutics from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, December 9th. StockNews.com downgraded Corcept Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, January 17th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $31.25.
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Corcept Therapeutics Price Performance
The stock has a 50-day simple moving average of $22.64 and a 200 day simple moving average of $25.41. The company has a market capitalization of $2.48 billion, a PE ratio of 24.17 and a beta of 0.60.
Corcept Therapeutics (NASDAQ:CORT – Get Rating) last released its quarterly earnings results on Thursday, November 3rd. The biotechnology company reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.07. Corcept Therapeutics had a return on equity of 27.49% and a net
margin of 29.37%. The company had revenue of $101.73 million during the quarter, compared to analysts' expectations of $107.73 million. As a group, research analysts predict that Corcept Therapeutics Incorporated will post 0.89 EPS for the current fiscal year.
Insider Transactions at Corcept Therapeutics
In other news, insider Gary Charles Robb sold 4,814 shares of the business's stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $26.03, for a total value of $125,308.42. Following the completion of the transaction, the insider now directly owns 21,329 shares of the company's stock, valued at $555,193.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Gary Charles Robb sold 4,814 shares of the company's stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $26.03, for a total value of $125,308.42. Following the completion of the transaction, the insider now directly owns 21,329 shares in the company, valued at $555,193.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Maduck sold 25,000 shares of the company's stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $25.57, for a total value of $639,250.00. Following the completion of the transaction, the insider now owns 56,462 shares of the company's stock, valued at $1,443,733.34. The disclosure for this sale can be found here. Insiders sold a total of 40,439 shares of company stock valued at $1,040,958 over the last three months. 18.60% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Corcept Therapeutics
Several institutional investors have recently added to or reduced their stakes in the business. Maryland State Retirement & Pension System increased its stake in Corcept Therapeutics by 0.9% in the second quarter. Maryland State Retirement & Pension System now owns 38,749 shares of the biotechnology company's stock valued at $921,000 after purchasing an additional 360 shares during the last quarter. Financial Gravity Asset Management Inc. acquired a new stake in Corcept Therapeutics during the third quarter worth about $2,212,000. Sei Investments Co. increased its stake in Corcept Therapeutics by 3.0% during the second quarter. Sei Investments Co. now owns 14,565 shares of the biotechnology company's stock worth $394,000 after acquiring an additional 427 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Corcept Therapeutics by 0.9% during the fourth quarter. State of Alaska Department of Revenue now owns 66,614 shares of the biotechnology company's stock worth $1,352,000 after acquiring an additional 619 shares during the last quarter. Finally, Assetmark Inc. increased its stake in Corcept Therapeutics by 1.7% during the third quarter. Assetmark Inc. now owns 37,601 shares of the biotechnology company's stock worth $964,000 after acquiring an additional 620 shares during the last quarter. 80.08% of the stock is currently owned by institutional investors and hedge funds.
Corcept Therapeutics Company Profile
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Corcept Therapeutics Incorporated discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and neuropsychiatric 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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