Insider Selling: Corcept Therapeutics (NASDAQ:CORT) Director Sells $1,690,600.00 in Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) Director David Mahoney sold 20,000 shares of Corcept Therapeutics stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the transaction, the director directly owned 26,147 shares of the company’s stock, valued at approximately $2,210,205.91. This trade represents a 43.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Corcept Therapeutics Price Performance

CORT stock traded down $1.84 during midday trading on Thursday, hitting $79.91. 1,875,364 shares of the stock traded hands, compared to its average volume of 1,690,858. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $91.00. The stock’s fifty day simple moving average is $58.15 and its 200-day simple moving average is $52.14. The firm has a market cap of $8.58 billion, a P/E ratio of 228.32 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. During the same quarter last year, the company posted $0.17 EPS. The company’s revenue was up 4.9% on a year-over-year basis. On average, research analysts predict that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CORT. Truist Financial raised Corcept Therapeutics to a “strong-buy” rating in a report on Monday. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research report on Thursday, May 28th. Piper Sandler upped their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Finally, Canaccord Genuity Group increased their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $88.83.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Torren Management LLC purchased a new position in Corcept Therapeutics in the 4th quarter valued at about $25,000. Advisory Services Network LLC purchased a new stake in Corcept Therapeutics during the 3rd quarter worth approximately $25,000. Clearstead Advisors LLC raised its holdings in shares of Corcept Therapeutics by 163.6% during the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 193 shares during the last quarter. Atlas Capital Advisors Inc. acquired a new position in shares of Corcept Therapeutics during the fourth quarter valued at approximately $31,000. Finally, State of Wyoming lifted its position in shares of Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after acquiring an additional 186 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.