Corcept Therapeutics Target of Unusually Large Options Trading (NASDAQ:CORT)

Corcept Therapeutics Incorporated (NASDAQ:CORT) saw unusually large options trading on Tuesday. Stock investors acquired 3,892 put options on the stock. This is an increase of 129% compared to the average volume of 1,699 put options.

Analyst Upgrades and Downgrades

CORT has been the subject of several recent analyst reports. Canaccord Genuity Group upped their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a research note on Tuesday. Truist Financial lifted their price target on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a research report on Monday. StockNews.com cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. HC Wainwright lifted their target price on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Monday. Finally, Piper Sandler upped their price target on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the company an “overweight” rating in a report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $130.00.

Corcept Therapeutics Stock Performance

CORT stock traded down $18.08 on Tuesday, reaching $96.14. 3,185,921 shares of the company were exchanged, compared to its average volume of 1,252,956. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. Corcept Therapeutics has a 12 month low of $20.84 and a 12 month high of $117.33. The stock’s fifty day moving average price is $63.07 and its 200 day moving average price is $55.29. The firm has a market capitalization of $10.14 billion, a PE ratio of 76.30 and a beta of 0.61.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The company had revenue of $181.89 million for the quarter, compared to analyst estimates of $200.12 million. On average, research analysts anticipate that Corcept Therapeutics will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Sean Maduck sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total value of $1,007,800.00. Following the completion of the sale, the insider now owns 85,318 shares of the company’s stock, valued at approximately $4,299,174.02. The trade was a 18.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 2,924 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $60.91, for a total value of $178,100.84. Following the completion of the transaction, the chief executive officer now owns 3,019,411 shares in the company, valued at $183,912,324.01. This represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,022 shares of company stock valued at $2,703,257 in the last three months. Insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

A number of hedge funds have recently modified their holdings of CORT. Charles Schwab Investment Management Inc. raised its stake in shares of Corcept Therapeutics by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,026,487 shares of the biotechnology company’s stock valued at $47,506,000 after purchasing an additional 53,191 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Corcept Therapeutics by 4.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 50,996 shares of the biotechnology company’s stock valued at $2,360,000 after buying an additional 2,216 shares in the last quarter. FMR LLC lifted its holdings in shares of 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 acquiring an additional 269,074 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of 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 valued at $56,637,000 after acquiring an additional 352,947 shares in the last quarter. Finally, Stifel Financial Corp increased its stake in Corcept Therapeutics by 30.0% in the third quarter. Stifel Financial Corp now owns 88,967 shares of the biotechnology company’s stock valued at $4,117,000 after acquiring an additional 20,546 shares during the period. Institutional investors own 93.61% of the company’s stock.

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.