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

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

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock opened at $83.81 on Thursday. The firm has a market cap of $8.84 billion, a PE ratio of 66.52 and a beta of 0.14. The company’s fifty day simple moving average is $64.18 and its two-hundred day simple moving average is $55.87. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. Corcept Therapeutics has a 12-month low of $20.84 and a 12-month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (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 business had revenue of $181.89 million for the quarter, compared to analysts’ expectations of $200.12 million. As a group, equities analysts expect that Corcept Therapeutics will post 1.36 EPS for the current year.

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, insider Sean Maduck sold 18,303 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.69, for a total transaction of $1,110,809.07. Following the sale, the insider now owns 85,622 shares in the company, valued at approximately $5,196,399.18. This trade represents a 17.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Joseph Douglas Lyon sold 421 shares of Corcept Therapeutics stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $60.58, for a total value of $25,504.18. Following the sale, the insider now directly owns 9,009 shares of the company’s stock, valued at approximately $545,765.22. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 163,124 shares of company stock worth $15,074,318. Corporate insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CORT. Charles Schwab Investment Management Inc. increased its position in shares of Corcept Therapeutics by 5.5% during 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 buying an additional 53,191 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Corcept Therapeutics by 4.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 50,996 shares of the biotechnology company’s stock worth $2,360,000 after acquiring an additional 2,216 shares during the period. FMR LLC raised its position in shares of Corcept Therapeutics by 24.6% in 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 in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Corcept Therapeutics by 40.5% in 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 purchasing an additional 352,947 shares during the period. Finally, Stifel Financial Corp lifted its stake in shares of Corcept Therapeutics by 30.0% in the 3rd quarter. Stifel Financial Corp now owns 88,967 shares of the biotechnology company’s stock valued at $4,117,000 after purchasing an additional 20,546 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

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.