Corcept Therapeutics (NASDAQ:CORT) Stock Falls 14.5% – Should You Sell?

by · The Markets Daily

Corcept Therapeutics Incorporated (NASDAQ:CORT – Get Free Report) was down 14.5% on Friday. The stock traded as low as $102.66 and last traded at $91.8620. 143,949 shares changed hands during trading, a decline of 90% from the average session volume of 1,461,517 shares. The stock had previously closed at $107.50.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Weiss Ratings raised Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. Zacks Research upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 28th. HC Wainwright reaffirmed a “buy” rating and set a $165.00 target price on shares of Corcept Therapeutics in a research note on Friday, September 18th. Canaccord Genuity Group lifted their price target on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Finally, Piper Sandler restated an “overweight” rating and set a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Corcept Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $138.17.

View Our Latest Analysis on Corcept Therapeutics

Corcept Therapeutics Stock Down 20.2%

The company has a 50 day simple moving average of $115.73 and a two-hundred day simple moving average of $89.04. The company has a market capitalization of $9.27 billion, a P/E ratio of 204.54 and a beta of 0.40.

Corcept Therapeutics (NASDAQ:CORT – Get Free Report) last released its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. During the same quarter last year, the business earned $0.29 EPS. The business’s revenue was up 31.7% on a year-over-year basis. As a group, research analysts expect that Corcept Therapeutics Incorporated will post 1.83 EPS for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In related news, CFO Atabak Mokari sold 80,000 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $114.71, for a total value of $9,176,800.00. Following the transaction, the chief financial officer owned 16,130 shares of the company’s stock, valued at $1,850,272.30. This represents a 83.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Roberto Vieira sold 58,333 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $110.76, for a total transaction of $6,460,963.08. Following the completion of the sale, the insider directly owned 4,242 shares of the company’s stock, valued at approximately $469,843.92. This trade represents a 93.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 454,748 shares of company stock valued at $52,786,210. Company insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Corcept Therapeutics during the 2nd quarter worth approximately $27,000. State of Wyoming grew its holdings in Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 186 shares during the last quarter. Gould Capital LLC increased its position in shares of Corcept Therapeutics by 66.7% during the first quarter. Gould Capital LLC now owns 1,000 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 400 shares in the last quarter. IFP Advisors Inc increased its position in shares of Corcept Therapeutics by 568.4% during the second quarter. IFP Advisors Inc now owns 909 shares of the biotechnology company’s stock worth $79,000 after purchasing an additional 773 shares in the last quarter. Finally, Root Financial Partners LLC acquired a new position in shares of Corcept Therapeutics during the third quarter worth $85,000. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

(Get Free Report)

Corcept Therapeutics Incorporated (NASDAQ:CORT) is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept’s primary marketed product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.

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