Corcept Therapeutics (NASDAQ:CORT) Insider Joseph Douglas Lyon Sells 1,540 Shares of Stock

Key Points

• Insider sale: Joseph Douglas Lyon sold 1,540 Corcept Therapeutics shares for approximately $175,806 at an average price of $114.16, reducing his direct holdings by 21.89% to 5,495 shares.
• Strong quarterly results: Corcept reported quarterly EPS of $0.36, beating the $0.02 consensus estimate, while revenue rose 31.7% year over year to $256.15 million.
• Mixed but generally positive outlook: Analysts’ consensus rating is “Moderate Buy” with a $119.17 average price target, although Wolfe Research downgraded the stock to “Underperform” with a $50 target. Shares recently traded at $110.69 after a sharp rise toward the $122.21 12-month high.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider Joseph Douglas Lyon sold 1,540 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $114.16, for a total transaction of $175,806.40. Following the completion of the transaction, the insider directly owned 5,495 shares in the company, valued at $627,309.20. This trade represents a 21.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Joseph Douglas Lyon also recently made the following trade(s):

• On Wednesday, May 27th, Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $65.00, for a total transaction of $325,000.00.

Corcept Therapeutics Stock Up 0.8%

NASDAQ CORT traded up $0.89 during trading hours on Wednesday, hitting $110.69. The company's stock had a trading volume of 846,836 shares, compared to its average volume of 1,598,195. The stock has a fifty day moving average of $86.81 and a 200 day moving average of $57.96. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $122.21. The firm has a market capitalization of $11.97 billion, a P/E ratio of 263.55 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.34. The firm had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business's quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.29 EPS. On average, analysts predict that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wolfe Research cut Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective for the company. in a research note on Monday, July 27th. HC Wainwright increased their target price on Corcept Therapeutics from $95.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Piper Sandler restated an "overweight" rating and set a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Canaccord Genuity Group boosted their target price on Corcept Therapeutics from $135.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Finally, Truist Financial raised Corcept Therapeutics to a "strong-buy" rating in a research note on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.17.

Hedge Funds Weigh In On Corcept Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its holdings in Corcept Therapeutics by 18.9% during the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company's stock worth $1,757,000 after buying an additional 2,444 shares during the period. Amundi bought a new stake in shares of Corcept Therapeutics during the first quarter worth $450,000. NewEdge Advisors LLC acquired a new stake in shares of Corcept Therapeutics during the first quarter worth $518,000. EverSource Wealth Advisors LLC lifted its position in Corcept Therapeutics by 273.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company's stock valued at $106,000 after acquiring an additional 1,055 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in Corcept Therapeutics by 795.3% in the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company's stock worth $3,391,000 after purchasing an additional 41,040 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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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