Investors Buy High Volume of Corcept Therapeutics Put Options (NASDAQ:CORT)

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the recipient of unusually large options trading on Tuesday. Traders purchased 3,892 put options on the stock. This is an increase of approximately 129% compared to the average volume of 1,699 put options.

Insider Buying and Selling

In other Corcept Therapeutics news, insider Sean Maduck sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $50.39, for a total value of $1,007,800.00. Following the completion of the transaction, the insider now owns 85,318 shares of the company’s stock, valued at $4,299,174.02. This trade represents a 18.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction on Monday, February 10th. The shares were sold at an average price of $68.08, for a total value of $149,776.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,022 shares of company stock valued at $2,703,257. Corporate insiders own 20.50% of the company’s stock.

Institutional Trading of Corcept Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Synergy Asset Management LLC increased its position in Corcept Therapeutics by 131.3% during the fourth quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company’s stock worth $22,369,000 after buying an additional 262,503 shares during the period. Van ECK Associates Corp purchased a new position in shares of Corcept Therapeutics during the fourth quarter worth approximately $4,483,000. State Street Corp increased its holdings in shares of Corcept Therapeutics by 0.6% in the 3rd quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock valued at $162,871,000 after acquiring an additional 19,893 shares during the period. Burney Co. increased its holdings in shares of Corcept Therapeutics by 9.1% in the 4th quarter. Burney Co. now owns 473,821 shares of the biotechnology company’s stock valued at $23,876,000 after acquiring an additional 39,657 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Corcept Therapeutics by 43.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 253,070 shares of the biotechnology company’s stock valued at $11,712,000 after purchasing an additional 76,573 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock opened at $91.93 on Wednesday. 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 52 week low of $20.84 and a 52 week high of $117.33. The firm’s 50 day moving average is $63.69 and its two-hundred day moving average is $55.67. The firm has a market capitalization of $9.70 billion, a P/E ratio of 72.96 and a beta of 0.61.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results 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 during the quarter, compared to analysts’ expectations of $200.12 million. Research analysts forecast that Corcept Therapeutics will post 1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

CORT has been the topic of a number of analyst reports. StockNews.com lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. HC Wainwright raised their target price on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the company a “buy” rating in a report on Monday. Truist Financial boosted their price target on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the stock a “buy” rating in a report on Monday. Piper Sandler raised their price objective 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. Finally, Canaccord Genuity Group boosted their target price on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $130.00.

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.