Corcept Therapeutics (CORT) Stock Price Down 26.4% Following Analyst Downgrade

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares traded down 26.4% during trading on Monday after Stifel Nicolaus lowered their price target on the stock from $25.00 to $20.00. Stifel Nicolaus currently has a buy rating on the stock. Corcept Therapeutics traded as low as $17.10 and last traded at $17.26. 7,489,581 shares were traded during trading, an increase of 232% from the average session volume of 2,258,949 shares. The stock had previously closed at $23.46.

CORT has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. Piper Jaffray Companies restated a “buy” rating and set a $24.00 price target on shares of Corcept Therapeutics in a research note on Wednesday, October 11th. Finally, BidaskClub lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, December 7th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $21.00.

In other Corcept Therapeutics news, insider Robert S. Fishman sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $18.67, for a total transaction of $149,360.00. Following the transaction, the insider now owns 8,000 shares in the company, valued at approximately $149,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director G Leonard Baker, Jr. sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $17.59, for a total transaction of $527,700.00. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock worth $810,820 in the last 90 days. 19.20% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. purchased a new stake in shares of Corcept Therapeutics in the 3rd quarter valued at $108,000. PNC Financial Services Group Inc. boosted its holdings in shares of Corcept Therapeutics by 52.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 9,837 shares of the biotechnology company’s stock valued at $116,000 after acquiring an additional 3,390 shares during the last quarter. Amalgamated Bank purchased a new stake in shares of Corcept Therapeutics in the 2nd quarter valued at $137,000. Macquarie Group Ltd. purchased a new stake in shares of Corcept Therapeutics in the 3rd quarter valued at $137,000. Finally, Suntrust Banks Inc. boosted its holdings in shares of Corcept Therapeutics by 4.0% in the 2nd quarter. Suntrust Banks Inc. now owns 12,308 shares of the biotechnology company’s stock valued at $145,000 after acquiring an additional 471 shares during the last quarter. 65.31% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market cap of $1,970.00, a price-to-earnings ratio of 59.52 and a beta of 1.68.

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About Corcept Therapeutics

Corcept Therapeutics Incorporated is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. The Company is developing mifepristone, a compound that modulates the effects of cortisol by acting as a competitive antagonist at the glucocorticoid receptor (GR).

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