Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 4.4% – Should You Sell?

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares were down 4.4% during mid-day trading on Wednesday . The stock traded as low as $58.49 and last traded at $58.41. Approximately 403,738 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 737,340 shares. The stock had previously closed at $61.11.

Wall Street Analysts Forecast Growth

CORT has been the topic of several research analyst reports. Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Truist Financial boosted their target price on Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a report on Monday, September 30th. Finally, StockNews.com cut Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Price Performance

The company’s fifty day moving average is $54.80 and its two-hundred day moving average is $45.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The firm has a market cap of $6.18 billion, a price-to-earnings ratio of 46.84 and a beta of 0.56.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.14. The business had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The business’s revenue was up 47.7% on a year-over-year basis. During the same period last year, the business earned $0.28 EPS. Equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.35 EPS for the current year.

Insiders Place Their Bets

In other news, insider Sean Maduck sold 20,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the completion of the sale, the insider now directly owns 85,318 shares of the company’s stock, valued at $4,299,174.02. This trade represents a 18.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William Guyer sold 3,394 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $48.97, for a total transaction of $166,204.18. Following the transaction, the insider now owns 5,796 shares in the company, valued at approximately $283,830.12. The trade was a 36.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,011 shares of company stock valued at $1,951,268. Company insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP acquired a new position in shares of Corcept Therapeutics in the third quarter worth $25,000. Kathleen S. Wright Associates Inc. bought a new stake in Corcept Therapeutics during the third quarter valued at about $36,000. USA Financial Formulas acquired a new stake in Corcept Therapeutics in the 4th quarter valued at approximately $54,000. GAMMA Investing LLC boosted its holdings in Corcept Therapeutics by 85.4% in the 3rd quarter. GAMMA Investing LLC now owns 2,490 shares of the biotechnology company’s stock valued at $115,000 after purchasing an additional 1,147 shares during the period. Finally, KBC Group NV grew its position in Corcept Therapeutics by 21.3% during the third quarter. KBC Group NV now owns 2,822 shares of the biotechnology company’s stock worth $131,000 after buying an additional 496 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

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.