Corcept Therapeutics (NASDAQ:CORT) Shares Down 5.7% – Here’s What Happened

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) fell 5.7% on Tuesday . The company traded as low as $78.68 and last traded at $82.3350. 575,369 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 1,149,826 shares. The stock had previously closed at $87.30.

Wall Street Analysts Forecast Growth

CORT has been the subject of several analyst reports. Wall Street Zen lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Corcept Therapeutics in a research report on Monday. UBS Group initiated coverage on shares of Corcept Therapeutics in a report on Tuesday. They set a “neutral” rating and a $95.00 price objective for the company. Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday. Finally, HC Wainwright reissued a “buy” rating and set a $145.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, November 25th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $127.20.

Corcept Therapeutics Trading Down 0.9%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.07 and a current ratio of 3.14. The company’s 50 day moving average is $77.81 and its 200 day moving average is $74.91. The stock has a market capitalization of $8.58 billion, a price-to-earnings ratio of 92.66 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.02). The company had revenue of $207.64 million for the quarter, compared to the consensus estimate of $223.78 million. Corcept Therapeutics had a return on equity of 15.99% and a net margin of 14.19%.The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 EPS. On average, research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider Sean Maduck sold 20,000 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $73.99, for a total transaction of $1,479,800.00. Following the sale, the insider owned 7,904 shares of the company’s stock, valued at approximately $584,816.96. This trade represents a 71.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Guyer sold 20,000 shares of the company’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $75.36, for a total value of $1,507,200.00. Following the completion of the transaction, the insider owned 5,287 shares of the company’s stock, valued at $398,428.32. The trade was a 79.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 261,700 shares of company stock valued at $21,002,348 in the last quarter. Corporate insiders own 20.80% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC increased its stake in Corcept Therapeutics by 546.9% in the third quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock valued at $125,264,000 after acquiring an additional 1,274,215 shares during the period. Norges Bank acquired a new stake in Corcept Therapeutics during the second quarter valued at approximately $72,048,000. TD Asset Management Inc bought a new stake in shares of Corcept Therapeutics in the 2nd quarter valued at approximately $60,179,000. Epoch Investment Partners Inc. acquired a new position in shares of Corcept Therapeutics in the 2nd quarter worth approximately $56,181,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Corcept Therapeutics by 223.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock worth $70,632,000 after buying an additional 587,053 shares in the last quarter. 93.61% of the stock is owned by institutional investors.

About Corcept Therapeutics

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.