Corcept Therapeutics (NASDAQ:CORT) CFO Sells $3,246,000.00 in Stock

Key Points

• Corcept Therapeutics CFO Atabak Mokari sold 40,000 shares on June 15 at an average price of $81.15, totaling about $3.25 million. After the sale, he held 16,130 shares, a 71.26% reduction in his ownership.
• The stock fell 2.3% in mid-day trading to $81.75, though it remains near its 52-week high of $91.00. Corcept has a market cap of $8.78 billion and has traded well above its 50-day and 200-day moving averages.
• Recent earnings missed expectations, with Corcept reporting a quarterly loss of $0.30 per share versus the expected loss of $0.11, and revenue of $164.9 million versus the $185.83 million forecast. Analysts still see upside potential, with a consensus rating of Moderate Buy and an average target price of $88.83.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) CFO Atabak Mokari sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $81.15, for a total value of $3,246,000.00. Following the completion of the transaction, the chief financial officer directly owned 16,130 shares of the company's stock, valued at $1,308,949.50. The trade was a 71.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Atabak Mokari also recently made the following trade(s):

• On Monday, June 1st, Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $70.00, for a total value of $2,800,000.00.

Corcept Therapeutics Stock Down 2.3%

NASDAQ CORT traded down $1.96 during mid-day trading on Wednesday, hitting $81.75. The stock had a trading volume of 849,968 shares, compared to its average volume of 1,689,248. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $91.00. The company has a market cap of $8.78 billion, a price-to-earnings ratio of 233.58 and a beta of 0.50. The company has a 50 day simple moving average of $57.34 and a 200 day simple moving average of $52.13.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to analysts' expectations of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The business's quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.17 EPS. As a group, equities analysts anticipate that Corcept Therapeutics Incorporated will post 0.62 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CORT. Piper Sandler raised their price target on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. HC Wainwright raised their price target on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Canaccord Genuity Group raised their price target on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Finally, Wolfe Research raised Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $88.83.

Institutional Investors Weigh In On Corcept Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its holdings in Corcept Therapeutics by 223.4% in the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company's stock valued at $70,632,000 after buying an additional 587,053 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Corcept Therapeutics by 111.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company's stock valued at $19,404,000 after buying an additional 268,155 shares during the last quarter. First Trust Advisors LP increased its holdings in Corcept Therapeutics by 34.1% in the third quarter. First Trust Advisors LP now owns 720,224 shares of the biotechnology company's stock valued at $59,858,000 after buying an additional 183,038 shares during the last quarter. Checkpoint Capital L.P. increased its holdings in Corcept Therapeutics by 14.1% in the third quarter. Checkpoint Capital L.P. now owns 392,331 shares of the biotechnology company's stock valued at $32,607,000 after buying an additional 48,414 shares during the last quarter. Finally, TD Asset Management Inc increased its holdings in Corcept Therapeutics by 16.6% in the third quarter. TD Asset Management Inc now owns 956,136 shares of the biotechnology company's stock valued at $79,464,000 after buying an additional 136,254 shares during the last quarter. Hedge funds and other institutional investors 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.

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