Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff Sells 40,000 Shares

Key Points

• Joseph K. Belanoff, CEO of Corcept Therapeutics, sold 40,000 shares of the company stock for a total of $2.74 million, reducing his ownership by 1.38%.
• Corcept Therapeutics reported earnings of $0.29 per share, exceeding analysts' expectations, although revenue fell short of estimates at $194.43 million.
• Institutional investors own 93.61% of Corcept Therapeutics, with significant recent investments from firms like TD Asset Management and Jupiter Asset Management, indicating strong institutional interest.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) CEO Joseph K. Belanoff sold 40,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $68.53, for a total transaction of $2,741,200.00. Following the completion of the sale, the chief executive officer directly owned 2,861,370 shares of the company's stock, valued at $196,089,686.10. The trade was a 1.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Corcept Therapeutics Price Performance

NASDAQ CORT traded down $1.32 on Tuesday, hitting $70.45. 744,413 shares of the stock were exchanged, compared to its average volume of 1,376,065. The company's 50-day moving average price is $71.48 and its two-hundred day moving average price is $68.65. Corcept Therapeutics Incorporated has a 52-week low of $33.34 and a 52-week high of $117.33. The company has a market capitalization of $7.47 billion, a price-to-earnings ratio of 62.35 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. The business had revenue of $194.43 million during the quarter, compared to analysts' expectations of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%. Corcept Therapeutics's revenue was up 18.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.32 earnings per share. Equities analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Corcept Therapeutics

Large investors have recently made changes to their positions in the business. TD Asset Management Inc purchased a new position in Corcept Therapeutics during the second quarter valued at approximately $60,179,000. Jupiter Asset Management Ltd. boosted its stake in shares of Corcept Therapeutics by 8,176.0% during the 1st quarter. Jupiter Asset Management Ltd. now owns 603,903 shares of the biotechnology company's stock valued at $68,978,000 after buying an additional 596,606 shares during the period. Invesco Ltd. grew its holdings in shares of Corcept Therapeutics by 76.5% during the 1st quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock valued at $142,345,000 after acquiring an additional 540,101 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Corcept Therapeutics by 12,888.9% during the 1st quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock valued at $44,448,000 after acquiring an additional 386,152 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of Corcept Therapeutics during the 1st quarter valued at $35,580,000. Institutional investors and hedge funds own 93.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Piper Sandler dropped their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday. HC Wainwright dropped their target price on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Truist Financial set a $135.00 price target on Corcept Therapeutics in a report on Tuesday, May 6th. Canaccord Genuity Group reduced their price objective on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a research note on Friday. Finally, Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $134.50.

Corcept Therapeutics Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.