Corcept Therapeutics (NASDAQ:CORT) Shares Gap Down After Insider Selling

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $60.08, but opened at $56.08. Corcept Therapeutics shares last traded at $59.19, with a volume of 192,894 shares traded.

Specifically, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $59.46, for a total value of $130,812.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

Several research analysts have commented on CORT shares. Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Piper Sandler lifted their price target on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective 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 research report on Monday, September 30th. Finally, StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Monday, November 25th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $65.25.

Corcept Therapeutics Stock Performance

The company has a market capitalization of $5.80 billion, a PE ratio of 43.97 and a beta of 0.51. The firm’s 50-day simple moving average is $53.06 and its 200-day simple moving average is $41.15. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01.

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

Hedge Funds Weigh In On Corcept Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Cetera Advisors LLC bought a new stake in Corcept Therapeutics during the 1st quarter valued at $340,000. CWM LLC grew its stake in Corcept Therapeutics by 46.9% in the second quarter. CWM LLC now owns 4,946 shares of the biotechnology company’s stock valued at $161,000 after purchasing an additional 1,579 shares during the last quarter. SG Americas Securities LLC raised its holdings in Corcept Therapeutics by 19.8% in the second quarter. SG Americas Securities LLC now owns 8,184 shares of the biotechnology company’s stock worth $266,000 after purchasing an additional 1,353 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Corcept Therapeutics by 125.4% during the second quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company’s stock valued at $115,000 after buying an additional 1,962 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Corcept Therapeutics by 8.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 59,489 shares of the biotechnology company’s stock valued at $1,933,000 after buying an additional 4,620 shares in the last quarter. 93.61% of the stock is currently 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.