Corcept Therapeutics (NASDAQ:CORT) Sets New 12-Month Low on Analyst Downgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s stock price hit a new 52-week low during mid-day trading on Wednesday after Wolfe Research downgraded the stock from a peer perform rating to an underperform rating. Wolfe Research now has a $30.00 price target on the stock. Corcept Therapeutics traded as low as $36.00 and last traded at $35.9490, with a volume of 1855704 shares trading hands. The stock had previously closed at $70.19.

A number of other research firms also recently commented on CORT. Wall Street Zen downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Corcept Therapeutics in a report on Thursday, September 25th. Weiss Ratings reissued a “hold (c)” rating on shares of Corcept Therapeutics in a report on Monday. Finally, HC Wainwright restated a “buy” rating and set a $145.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, November 25th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $96.83.

Insider Activity

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $89.94, for a total value of $1,798,800.00. Following the completion of the transaction, the insider owned 5,287 shares of the company’s stock, valued at approximately $475,512.78. The trade was a 79.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $79.53, for a total transaction of $397,650.00. Following the completion of the transaction, 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 position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 196,700 shares of company stock valued at $15,474,198. 20.80% of the stock is currently owned by company insiders.

Key Stores Impacting Corcept Therapeutics

Here are the key news stories impacting Corcept Therapeutics this week:

• Neutral Sentiment: Trading halt early Wednesday ahead of the announcement, then unusually high volume as the CRL was released — an operational market event that preceded the sell-off. US FDA declines to approve Corcept’s drug
• Neutral Sentiment: Coverage pieces assessing company strategy and risk around relacorilant and pipeline positioning; background reading for investors on potential next steps (meetings, additional data). A Risky Spot For Corcept Therapeutics
• Negative Sentiment: FDA issued a Complete Response Letter for relacorilant (requested additional evidence of effectiveness for treating hypercortisolism/Cushing’s syndrome with hypertension). That CRL is the primary driver of the share decline because it blocks the expected near-term approval and revenue opportunity. Corcept Receives Complete Response Letter for Relacorilant
• Negative Sentiment: Major news outlets confirm the FDA found insufficient evidence of efficacy and the company said it will meet with the agency — uncertainty about the scope/timeline of additional trials or analyses raises execution risk and delays potential revenue. Corcept Therapeutics Shares Drop 50% After FDA Rejects Drug
• Negative Sentiment: Analyst reaction: firms cut ratings/targets (example: Wolfe Research downgraded to underperform), signaling lower near-term expectations and pressure on sentiment. Why Corcept Therapeutics Plummeted by 50% Today
• Negative Sentiment: Unusual options activity: a large surge in put buying ahead of/around the announcement amplified downside pressure and indicates traders were positioned for a negative outcome. Corcept Therapeutics Stock Sinks On FDA Setback For Relacorilant
• Negative Sentiment: Potential securities litigation: a firm announced an investigation into possible securities-law issues tied to the FDA outcome, adding legal/administrative overhang. Kaplan Fox & Kilsheimer LLP is Investigating Corcept

Hedge Funds Weigh In On Corcept Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Advisory Services Network LLC purchased a new stake in shares of Corcept Therapeutics in the third quarter valued at approximately $25,000. Clearstead Advisors LLC increased its holdings in Corcept Therapeutics by 163.6% in the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 193 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in Corcept Therapeutics in the 2nd quarter worth $28,000. Hantz Financial Services Inc. raised its position in Corcept Therapeutics by 598.5% during the third quarter. Hantz Financial Services Inc. now owns 461 shares of the biotechnology company’s stock worth $38,000 after acquiring an additional 395 shares during the period. Finally, Larson Financial Group LLC lifted its holdings in Corcept Therapeutics by 2,326.3% during the third quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 442 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Trading Down 50.4%

The company’s fifty day simple moving average is $77.14 and its 200-day simple moving average is $75.01. The firm has a market capitalization of $3.66 billion, a PE ratio of 39.55 and a beta of 0.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.14 and a quick ratio of 3.07.

Corcept Therapeutics (NASDAQ:CORT) last released 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%.The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the company earned $0.41 EPS. As a group, sell-side analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

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.