Corcept Therapeutics (NASDAQ:CORT) Stock Price Down 5% – Should You Sell?

Corcept Therapeutics Incorporated (NASDAQ:CORT) fell 5% on Friday . The company traded as low as $67.42 and last traded at $66.40. 609,016 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 837,389 shares. The stock had previously closed at $69.90.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CORT. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. Canaccord Genuity Group increased their price target on Corcept Therapeutics from $78.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Finally, Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $88.25.

Corcept Therapeutics Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The business has a 50-day simple moving average of $56.02 and a 200-day simple moving average of $47.00. The firm has a market capitalization of $7.01 billion, a PE ratio of 53.11 and a beta of 0.56.

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

Insider Transactions at Corcept Therapeutics

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $59.88, for a total value of $131,736.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Joseph Douglas Lyon sold 1,411 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $56.72, for a total value 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. The trade was a 14.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,405 shares of company stock worth $1,627,772. 20.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. State Street Corp increased its holdings in Corcept Therapeutics by 0.6% during the 3rd quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock worth $162,871,000 after purchasing an additional 19,893 shares during the period. Geode Capital Management LLC increased its holdings in Corcept Therapeutics by 4.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock worth $110,108,000 after purchasing an additional 99,470 shares during the period. FMR LLC increased its holdings in Corcept Therapeutics by 24.6% during the 3rd quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock worth $63,122,000 after purchasing an additional 269,074 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in Corcept Therapeutics by 40.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,223,781 shares of the biotechnology company’s stock worth $56,637,000 after purchasing an additional 352,947 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Corcept Therapeutics by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,026,487 shares of the biotechnology company’s stock worth $47,506,000 after purchasing an additional 53,191 shares during the period. 93.61% of the stock is currently owned by hedge funds and other 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.