Corcept Therapeutics (CORT) Trading Up 7.4%

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s share price rose 7.4% during mid-day trading on Wednesday . The stock traded as high as $16.19 and last traded at $16.04. Approximately 2,008,401 shares were traded during trading, a decline of 17% from the average daily volume of 2,416,074 shares. The stock had previously closed at $14.93.

CORT has been the subject of several analyst reports. Piper Jaffray Companies set a $30.00 price target on shares of Corcept Therapeutics and gave the company a “buy” rating in a research note on Tuesday, October 31st. Zacks Investment Research downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. BidaskClub raised shares of Corcept Therapeutics from a “hold” rating to a “buy” rating in a research note on Thursday, January 11th. Finally, Stifel Nicolaus dropped their price target on shares of Corcept Therapeutics from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, February 5th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $21.00.

The stock has a market cap of $1,734.69, a P/E ratio of 55.31 and a beta of 1.68.

In other news, insider Robert S. Fishman sold 8,000 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $16.60, for a total transaction of $132,800.00. Following the completion of the transaction, the insider now owns 8,000 shares of the company’s stock, valued at $132,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 24,000 shares of company stock valued at $415,920 in the last ninety days. Insiders own 19.20% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. TIAA CREF Investment Management LLC increased its position in shares of Corcept Therapeutics by 0.7% during the second quarter. TIAA CREF Investment Management LLC now owns 347,171 shares of the biotechnology company’s stock worth $4,097,000 after buying an additional 2,360 shares during the period. Nationwide Fund Advisors increased its position in shares of Corcept Therapeutics by 18.6% during the second quarter. Nationwide Fund Advisors now owns 51,487 shares of the biotechnology company’s stock worth $608,000 after buying an additional 8,069 shares during the period. Amalgamated Bank acquired a new stake in shares of Corcept Therapeutics during the second quarter worth $137,000. PNC Financial Services Group Inc. increased its position in shares of Corcept Therapeutics by 52.6% during the second quarter. PNC Financial Services Group Inc. now owns 9,837 shares of the biotechnology company’s stock worth $116,000 after buying an additional 3,390 shares during the period. Finally, New York State Common Retirement Fund increased its position in shares of Corcept Therapeutics by 27.5% during the second quarter. New York State Common Retirement Fund now owns 97,400 shares of the biotechnology company’s stock worth $1,149,000 after buying an additional 20,999 shares during the period. 65.99% of the stock is owned by hedge funds and other institutional investors.

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Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. The Company is developing mifepristone, a compound that modulates the effects of cortisol by acting as a competitive antagonist at the glucocorticoid receptor (GR).

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