Corcept Therapeutics (NASDAQ:CORT) Director Sells 103,606 Shares

Key Points

• Director David Mahoney sold 103,606 Corcept Therapeutics shares at an average price of $118.25, generating approximately $12.25 million. His remaining stake fell 8.37% to 1.13 million shares.
• Corcept shares rose 1.7% to $121.05 and are near their 52-week high of $122.21. The company has a $13.09 billion market capitalization and trades at a very high price-to-earnings ratio of 288.22.
• Recent quarterly results exceeded expectations, with EPS of $0.36 versus $0.02 forecast and revenue of $256.15 million, up 31.7% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $138.17, though one firm rates the stock “Underperform.”

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) Director David Mahoney sold 103,606 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the completion of the transaction, the director owned 1,133,539 shares in the company, valued at $134,040,986.75. This represents a 8.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Corcept Therapeutics Trading Up 1.7%

Shares of Corcept Therapeutics stock traded up $2.03 on Thursday, hitting $121.05. 785,384 shares of the company traded hands, compared to its average volume of 1,541,773. The stock's 50 day moving average price is $95.84 and its 200-day moving average price is $63.62. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $122.21. The company has a market cap of $13.09 billion, a PE ratio of 288.22 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34. The company had revenue of $256.15 million for the quarter, compared to analysts' expectations of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.Corcept Therapeutics's revenue was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.29 earnings per share. As a group, research analysts anticipate that Corcept Therapeutics Incorporated will post 1.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Corcept Therapeutics

A number of institutional investors have recently added to or reduced their stakes in CORT. Pathstone Holdings LLC lifted its position in shares of Corcept Therapeutics by 0.8% during the third quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company's stock valued at $1,497,000 after buying an additional 144 shares during the last quarter. State of Wyoming grew its position in shares of Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock worth $33,000 after buying an additional 186 shares during the last quarter. Gould Capital LLC grew its position in shares of Corcept Therapeutics by 50.0% in the 3rd quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock worth $50,000 after buying an additional 200 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Corcept Therapeutics by 3.7% during the 4th quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company's stock worth $240,000 after acquiring an additional 247 shares in the last quarter. Finally, Evergreen Capital Management LLC raised its stake in shares of Corcept Therapeutics by 3.0% during the 4th quarter. Evergreen Capital Management LLC now owns 8,609 shares of the biotechnology company's stock worth $300,000 after acquiring an additional 248 shares in the last quarter. Institutional investors own 93.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CORT. Truist Financial began coverage on shares of Corcept Therapeutics in a research note on Tuesday. They issued a "buy" rating and a $164.00 price objective for the company. Wolfe Research lowered shares of Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price target for the company. in a report on Monday, July 27th. HC Wainwright upped their price target on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Zacks Research upgraded shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. Finally, Canaccord Genuity Group lifted their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $138.17.

About Corcept Therapeutics

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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