Corcept Therapeutics (NASDAQ:CORT) Insider Sells 20,305 Shares of Stock

Key Points

• Insider sale: Sean Maduck sold 20,305 Corcept Therapeutics shares for approximately $2.33 million at an average price of $114.70, reducing his direct holdings by 67.55% to 9,755 shares. He has also sold additional shares in several transactions since May.
• Strong quarterly results: Corcept reported quarterly earnings of $0.36 per share, beating estimates of $0.02, while revenue reached $256.15 million—up 31.7% year over year and above the $221.15 million consensus.
• Stock and analyst outlook: Shares recently traded near $110.69 after rising sharply over the past year, while analysts maintain a “Moderate Buy” consensus with an average price target of $119.17, despite ratings ranging from $50 to $165.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider Sean Maduck sold 20,305 shares of the business's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $114.70, for a total transaction of $2,328,983.50. Following the transaction, the insider directly owned 9,755 shares of the company's stock, valued at approximately $1,118,898.50. This represents a 67.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Sean Maduck also recently made the following trade(s):

• On Wednesday, July 1st, Sean Maduck sold 25,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $88.35, for a total transaction of $2,208,750.00.
• On Monday, June 1st, Sean Maduck sold 25,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $70.21, for a total value of $1,755,250.00.
• On Wednesday, May 27th, Sean Maduck sold 75,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $65.59, for a total value of $4,919,250.00.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT traded up $0.89 during trading hours on Wednesday, hitting $110.69. 846,836 shares of the company's stock were exchanged, compared to its average volume of 1,598,195. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $122.21. The stock has a market capitalization of $11.97 billion, a price-to-earnings ratio of 263.55 and a beta of 0.45. The company's 50-day moving average price is $86.81 and its 200-day moving average price is $57.96.

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

Institutional Trading of Corcept Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Torren Management LLC bought a new position in Corcept Therapeutics in the fourth quarter worth $25,000. Advisory Services Network LLC acquired a new stake in Corcept Therapeutics during the third quarter worth $25,000. Atlas Capital Advisors Inc. bought a new stake in Corcept Therapeutics in the 4th quarter valued at $31,000. State of Wyoming increased its holdings in Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock valued at $33,000 after buying an additional 186 shares during the period. Finally, Hantz Financial Services Inc. increased its holdings in Corcept Therapeutics by 113.7% in the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company's stock valued at $34,000 after buying an additional 524 shares during the period. 93.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CORT has been the topic of several research analyst reports. Piper Sandler restated an "overweight" rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Wolfe Research downgraded 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. Wall Street Zen raised shares of Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Saturday. Truist Financial upgraded shares of Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. Finally, UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $119.17.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source