Corcept Therapeutics Incorporated (NASDAQ:CORT – Get Rating)’s stock price dropped 9.5% during mid-day trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $19.29 and last traded at $19.29. Approximately 33,023 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 899,457 shares. The stock had previously closed at $21.32.The biotechnology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). Corcept Therapeutics had a return on equity of 23.08% and a net margin of 30.74%. The company had revenue of $93.70 million for the quarter, compared to analyst estimates of $103.23 million. During the same period last year, the firm posted $0.18 earnings per share. The business’s revenue was up 18.0% on a year-over-year basis.
A number of research firms recently weighed in on CORT. StockNews.com started coverage on shares of Corcept Therapeutics in a research note on Thursday, March 31st. They set a “strong-buy” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $29.00 target price on shares of Corcept Therapeutics in a research report on Wednesday, February 16th. Truist Financial started coverage on Corcept Therapeutics in a report on Friday, January 28th. They issued a “buy” rating and a $30.00 price target for the company. Finally, Canaccord Genuity Group began coverage on Corcept Therapeutics in a research note on Wednesday, February 2nd. They set a “buy” rating and a $30.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $27.25.
In other Corcept Therapeutics news, insider Gary Charles Robb sold 7,512 shares of the company’s stock in a transaction that occurred on Thursday, March 17th. The stock was sold at an average price of $24.68, for a total transaction of $185,396.16. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 16.50% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in CORT. Guggenheim Capital LLC raised its position in shares of Corcept Therapeutics by 182.5% during the 3rd quarter. Guggenheim Capital LLC now owns 63,980 shares of the biotechnology company’s stock worth $1,259,000 after purchasing an additional 41,331 shares during the period. Jefferies Group LLC lifted its stake in Corcept Therapeutics by 23.8% in the third quarter. Jefferies Group LLC now owns 59,800 shares of the biotechnology company’s stock valued at $1,177,000 after buying an additional 11,500 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Corcept Therapeutics by 144.7% during the third quarter. Victory Capital Management Inc. now owns 130,893 shares of the biotechnology company’s stock valued at $2,576,000 after acquiring an additional 77,404 shares during the period. Meritage Portfolio Management bought a new position in shares of Corcept Therapeutics during the fourth quarter worth about $208,000. Finally, Jupiter Asset Management Ltd. increased its holdings in shares of Corcept Therapeutics by 100.8% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 241,939 shares of the biotechnology company’s stock worth $4,761,000 after acquiring an additional 121,452 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.
The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 22.12, a price-to-earnings-growth ratio of 2.24 and a beta of 0.54. The business’s 50 day simple moving average is $23.64 and its 200-day simple moving average is $21.27.
About Corcept Therapeutics (NASDAQ:CORT)
Corcept Therapeutics Incorporated discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and neuropsychiatric disorders in the United States. The company offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing’s syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery.
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