Corcept Therapeutics (NASDAQ:CORT) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Corcept Therapeutics Incorporated (NASDAQ:CORT)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $52.14 and traded as high as $89.24. Corcept Therapeutics shares last traded at $87.89, with a volume of 864,939 shares traded.

Analyst Upgrades and Downgrades

CORT has been the subject of a number of analyst reports. UBS Group set a $135.00 price target on Corcept Therapeutics in a research report on Thursday, May 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a research note on Monday, June 15th. Piper Sandler increased their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Finally, Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.83.

Corcept Therapeutics Price Performance

The company has a market capitalization of $9.43 billion, a P/E ratio of 251.12 and a beta of 0.50. The firm has a fifty day moving average price of $64.52 and a 200-day moving average price of $52.14.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The business had revenue of $164.90 million for the quarter, compared to analysts’ expectations of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.17 earnings per share. On average, research analysts forecast that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

Insider Transactions at Corcept Therapeutics

In other news, CFO Atabak Mokari sold 40,000 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.15, for a total transaction of $3,246,000.00. Following the completion of the sale, the chief financial officer directly owned 16,130 shares of the company’s stock, valued at $1,308,949.50. This trade represents a 71.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James N. Wilson sold 10,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $83.20, for a total value of $832,000.00. Following the sale, the director owned 1,094,543 shares in the company, valued at $91,065,977.60. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 275,000 shares of company stock worth $18,836,100. Company insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its stake in shares of Corcept Therapeutics by 2.5% during the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock worth $160,329,000 after purchasing an additional 96,763 shares during the last quarter. State Street Corp raised its holdings in shares of Corcept Therapeutics by 0.5% in the 4th quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company’s stock worth $103,915,000 after purchasing an additional 15,656 shares during the period. Geode Capital Management LLC lifted its stake in Corcept Therapeutics by 38.0% in the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock valued at $92,892,000 after purchasing an additional 734,646 shares during the last quarter. First Trust Advisors LP lifted its stake in Corcept Therapeutics by 213.5% in the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock valued at $87,609,000 after purchasing an additional 1,480,059 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Corcept Therapeutics by 34.1% in the fourth quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company’s stock valued at $55,404,000 after purchasing an additional 405,081 shares during the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

About Corcept Therapeutics

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.