Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) rose 5% during mid-day trading on Wednesday . The company traded as high as $19.15 and last traded at $18.79. Approximately 14,181,100 shares traded hands during trading, an increase of 1,087% from the average daily volume of 1,194,304 shares. The stock had previously closed at $17.89.
CORT has been the subject of a number of research reports. Stifel Nicolaus initiated coverage on shares of Corcept Therapeutics in a research note on Thursday, August 31st. They set a “buy” rating and a $20.00 target price for the company. Zacks Investment Research cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. BidaskClub cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, December 20th. Finally, Piper Jaffray Companies restated a “buy” rating and set a $24.00 target price on shares of Corcept Therapeutics in a research note on Wednesday, October 11th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $21.00.
The firm has a market cap of $2,080.00, a P/E ratio of 62.62 and a beta of 1.89.
In other Corcept Therapeutics news, insider Robert S. Fishman sold 8,000 shares of Corcept Therapeutics stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $16.72, for a total value of $133,760.00. Following the completion of the sale, the insider now owns 8,000 shares in the company, valued at approximately $133,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director G Leonard Baker, Jr. sold 30,000 shares of Corcept Therapeutics stock in a transaction dated Monday, November 13th. The stock was 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. 19.20% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of CORT. Victory Capital Management Inc. acquired a new stake in Corcept Therapeutics in the 3rd quarter worth about $108,000. BNP Paribas Arbitrage SA raised its position in shares of Corcept Therapeutics by 2,942.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 9,707 shares of the biotechnology company’s stock valued at $115,000 after buying an additional 9,388 shares in the last quarter. PNC Financial Services Group Inc. raised its position 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 buying an additional 3,390 shares in the last quarter. Sand Hill Global Advisors LLC acquired a new position in shares of Corcept Therapeutics in the 2nd quarter valued at approximately $118,000. Finally, Jasper Ridge Partners L.P. acquired a new position in shares of Corcept Therapeutics in the 2nd quarter valued at approximately $118,000. Institutional investors and hedge funds own 64.64% of the company’s stock.
Corcept Therapeutics Company Profile
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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