Corcept Therapeutics (NASDAQ:CORT) Shares Down 6.9% Following Analyst Downgrade

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) fell 6.9% during trading on Monday after Canaccord Genuity Group lowered their price target on the stock from $140.00 to $99.00. Canaccord Genuity Group currently has a buy rating on the stock. Corcept Therapeutics traded as low as $35.56 and last traded at $35.5490. 680,404 shares were traded during trading, a decline of 81% from the average session volume of 3,513,320 shares. The stock had previously closed at $38.20.

Several other equities research analysts have also commented on the company. HC Wainwright decreased their price target on Corcept Therapeutics from $145.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday. Weiss Ratings reiterated a “hold (c)” rating on shares of Corcept Therapeutics in a research report on Monday, December 29th. Wolfe Research lowered Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $30.00 target price on the stock. in a report on Wednesday, December 31st. Wall Street Zen downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, October 18th. Finally, Truist Financial set a $50.00 price objective on shares of Corcept Therapeutics in a research note on Wednesday. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $80.83.

Insider Activity

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $79.53, for a total transaction of $397,650.00. Following the sale, the insider owned 10,277 shares in the company, valued at approximately $817,329.81. This trade represents a 32.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $80.08, for a total transaction of $1,601,600.00. Following the completion of the sale, the insider directly owned 1,235 shares of the company’s stock, valued at $98,898.80. The trade was a 94.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 196,700 shares of company stock valued at $15,474,198 over the last quarter. 20.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in CORT. Swiss Life Asset Management Ltd purchased a new position in Corcept Therapeutics during the third quarter worth about $376,000. JPMorgan Chase & Co. increased its stake in shares of Corcept Therapeutics by 223.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock valued at $70,632,000 after acquiring an additional 587,053 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Corcept Therapeutics by 128.5% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 770 shares of the biotechnology company’s stock worth $64,000 after acquiring an additional 433 shares during the period. Coldstream Capital Management Inc. acquired a new stake in shares of Corcept Therapeutics in the third quarter worth approximately $242,000. Finally, Danske Bank A S purchased a new stake in Corcept Therapeutics in the third quarter valued at approximately $1,335,000. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Stock Down 6.4%

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.14 and a quick ratio of 3.07. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of 40.58 and a beta of 0.23. The firm’s 50-day moving average is $76.45 and its 200 day moving average is $74.83.

Corcept Therapeutics (NASDAQ:CORT) last announced 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 analysts’ expectations of $223.78 million. Corcept Therapeutics had a net margin of 14.19% and a return on equity of 15.99%. The firm’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 earnings per share. Sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.