Corcept Therapeutics (NASDAQ:CORT) Shares Down 5.9% – Should You Sell?

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) traded down 5.9% during mid-day trading on Tuesday . The stock traded as low as $76.86 and last traded at $75.1370. 153,463 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 1,151,877 shares. The stock had previously closed at $79.82.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CORT shares. Weiss Ratings reissued a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Monday, December 22nd. HC Wainwright reiterated a “buy” rating and issued a $145.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, November 25th. Wall Street Zen downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, December 15th. Finally, Wolfe Research initiated coverage on Corcept Therapeutics in a report on Tuesday, November 18th. They set a “peer perform” rating for the company. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Corcept Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $127.20.

Corcept Therapeutics Stock Down 7.1%

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 firm has a market capitalization of $7.80 billion, a price-to-earnings ratio of 85.24 and a beta of 0.20. The business has a fifty day moving average price of $78.78 and a two-hundred day moving average price of $75.58.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share 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 analyst estimates of $223.78 million. Corcept Therapeutics had a return on equity of 15.99% and a net margin of 14.19%.Corcept Therapeutics’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.41 earnings per share. On average, equities analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $79.53, for a total value of $397,650.00. Following the completion of the sale, the insider owned 10,277 shares of the company’s stock, valued at approximately $817,329.81. This trade represents a 32.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $79.77, for a total transaction of $3,190,800.00. Following the transaction, the chief executive officer directly owned 2,701,370 shares of the company’s stock, valued at approximately $215,488,284.90. This trade represents a 1.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 261,700 shares of company stock valued at $21,002,348 over the last ninety days. 20.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CORT. Ieq Capital LLC lifted its position in shares of Corcept Therapeutics by 78.1% during the first quarter. Ieq Capital LLC now owns 17,891 shares of the biotechnology company’s stock worth $2,044,000 after purchasing an additional 7,844 shares in the last quarter. Evergreen Capital Management LLC increased its holdings in shares of Corcept Therapeutics by 3.8% in the 1st quarter. Evergreen Capital Management LLC now owns 7,158 shares of the biotechnology company’s stock valued at $818,000 after acquiring an additional 265 shares during the last quarter. DRW Securities LLC acquired a new stake in shares of Corcept Therapeutics during the first quarter worth $209,000. Royal Bank of Canada increased its position in Corcept Therapeutics by 18.9% in the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock worth $1,757,000 after buying an additional 2,444 shares during the period. Finally, Focus Partners Advisor Solutions LLC acquired a new position in Corcept Therapeutics during the 1st quarter worth $204,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Company Profile

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.