Corcept Therapeutics (NASDAQ:CORT) Trading Down 9.3% – Here’s What Happened

Corcept Therapeutics Incorporated (NASDAQ:CORT) fell 9.3% on Thursday . The stock traded as low as $67.77 and last traded at $66.70. 296,142 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 825,079 shares. The stock had previously closed at $73.53.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CORT. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Corcept Therapeutics in a research report on Friday, February 7th. StockNews.com cut Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. Finally, Canaccord Genuity Group boosted their price target on Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $88.25.

Corcept Therapeutics Price Performance

The firm has a market capitalization of $7.09 billion, a P/E ratio of 53.73 and a beta of 0.58. The business has a fifty day moving average of $58.79 and a 200-day moving average of $50.15. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider Joseph Douglas Lyon sold 1,411 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.72, for a total transaction of $80,031.92. Following the completion of the sale, the insider now owns 8,494 shares in the company, valued at approximately $481,779.68. This represents a 14.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $68.08, for a total value of $149,776.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,011 shares of company stock valued at $1,479,608. 20.50% of the stock is owned by corporate insiders.

Institutional Trading of Corcept Therapeutics

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Corcept Therapeutics by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 10,115,624 shares of the biotechnology company’s stock worth $509,726,000 after acquiring an additional 109,294 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Corcept Therapeutics by 0.4% during the fourth quarter. Parallel Advisors LLC now owns 3,829,632 shares of the biotechnology company’s stock worth $192,975,000 after acquiring an additional 15,908 shares in the last quarter. State Street Corp raised its holdings in shares of Corcept Therapeutics by 0.6% during the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock worth $162,871,000 after acquiring an additional 19,893 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Corcept Therapeutics by 4.4% in the third quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock valued at $110,108,000 after buying an additional 99,470 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Corcept Therapeutics by 4.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,644,942 shares of the biotechnology company’s stock valued at $82,889,000 after buying an additional 64,321 shares during the period. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

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.