Corcept Therapeutics (NASDAQ:CORT) CEO Sells $3,403,200.00 in Stock

Key Points

• Corcept Therapeutics CEO Joseph Belanoff sold 40,000 shares of the company stock for a total of $3.4 million, reducing his ownership by 1.42% to approximately 2.78 million shares valued at around $236.6 million.
• The company's stock price has fluctuated recently, trading up 3.1% to $88.15, with a market capitalization of $9.29 billion and a twelve-month range between $42.01 and $117.33.
• Analysts have varying opinions on the stock, with recent ratings ranging from "buy" to "strong sell", while the average price target stands at $135.25.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) CEO Joseph Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $85.08, for a total value of $3,403,200.00. Following the completion of the transaction, the chief executive officer directly owned 2,781,370 shares of the company's stock, valued at $236,638,959.60. This represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Corcept Therapeutics Trading Up 3.1%

NASDAQ CORT traded up $2.67 during midday trading on Friday, hitting $88.15. The company had a trading volume of 843,089 shares, compared to its average volume of 1,242,188. The company has a market capitalization of $9.29 billion, a PE ratio of 78.01 and a beta of 0.46. The firm has a 50-day moving average price of $73.42 and a 200-day moving average price of $71.91. Corcept Therapeutics Incorporated has a twelve month low of $42.01 and a twelve month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. The firm had revenue of $194.43 million for the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The business's revenue for the quarter was up 18.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Analysts Set New Price Targets

CORT has been the topic of several recent analyst reports. Wall Street Zen upgraded Corcept Therapeutics from a "hold" rating to a "buy" rating in a research note on Friday, September 26th. Zacks Research lowered Corcept Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Wednesday. Canaccord Genuity Group restated a "buy" rating and set a $140.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Weiss Ratings restated a "hold (c)" rating on shares of Corcept Therapeutics in a research report on Saturday, September 27th. Finally, Piper Sandler reduced their price objective on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Corcept Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $135.25.

Institutional Investors Weigh In On Corcept Therapeutics

Institutional investors have recently made changes to their positions in the stock. Huntington National Bank lifted its stake in shares of Corcept Therapeutics by 54.0% in the 2nd quarter. Huntington National Bank now owns 479 shares of the biotechnology company's stock valued at $35,000 after purchasing an additional 168 shares during the period. Focus Partners Wealth boosted its holdings in Corcept Therapeutics by 0.5% in the first quarter. Focus Partners Wealth now owns 33,243 shares of the biotechnology company's stock worth $3,797,000 after acquiring an additional 170 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in Corcept Therapeutics by 1.8% in the second quarter. Nisa Investment Advisors LLC now owns 9,951 shares of the biotechnology company's stock worth $730,000 after acquiring an additional 180 shares in the last quarter. Brooklyn Investment Group boosted its holdings in Corcept Therapeutics by 99.5% in the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after acquiring an additional 186 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its holdings in Corcept Therapeutics by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 44,100 shares of the biotechnology company's stock worth $3,237,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 93.61% of the company's stock.

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.

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