Corcept Therapeutics (CORT) Trading Down 5.6%
Corcept Therapeutics Incorporated (NASDAQ:CORT) dropped 5.6% during mid-day trading on Friday . The stock traded as low as $11.15 and last traded at $11.17. Approximately 935,992 shares were traded during trading, a decline of 43% from the average daily volume of 1,628,459 shares. The stock had previously closed at $11.83.
CORT has been the topic of several analyst reports. BidaskClub downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, January 29th. B. Riley downgraded shares of Corcept Therapeutics from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $22.00 to $12.00 in a research note on Friday, February 1st. Zacks Investment Research downgraded shares of Corcept Therapeutics from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. Cantor Fitzgerald downgraded shares of Corcept Therapeutics from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $20.00 to $14.00 in a research note on Friday, February 1st. Finally, ValuEngine downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, December 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $17.00.
The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of 18.62 and a beta of 1.28.
In related news, Director G Leonard Baker, Jr. acquired 100,000 shares of the firm’s stock in a transaction on Tuesday, February 12th. The stock was bought at an average cost of $11.39 per share, with a total value of $1,139,000.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 15.00% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in CORT. BlackRock Inc. grew its holdings in Corcept Therapeutics by 10.9% during the 3rd quarter. BlackRock Inc. now owns 15,745,397 shares of the biotechnology company’s stock worth $220,750,000 after acquiring an additional 1,545,671 shares in the last quarter. Morgan Stanley grew its holdings in Corcept Therapeutics by 63.7% during the 3rd quarter. Morgan Stanley now owns 1,832,434 shares of the biotechnology company’s stock worth $25,692,000 after acquiring an additional 712,878 shares in the last quarter. Norges Bank acquired a new position in Corcept Therapeutics during the 4th quarter worth $9,423,000. Oregon Public Employees Retirement Fund acquired a new position in Corcept Therapeutics during the 4th quarter worth $40,000. Finally, PNC Financial Services Group Inc. grew its holdings in Corcept Therapeutics by 6,144.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 464,312 shares of the biotechnology company’s stock worth $6,203,000 after acquiring an additional 456,876 shares in the last quarter. 78.52% of the stock is owned by institutional investors.
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About Corcept Therapeutics (NASDAQ:CORT)
Corcept Therapeutics Incorporated, a pharmaceutical company, discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and psychiatric 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, as well as develops CLIA-validated assay to measure FKBP5 gene expression.
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