Corcept Therapeutics (NASDAQ:CORT) Director James Wilson Sells 10,000 Shares of Stock

Key Points

• Director James Wilson sold 10,000 Corcept Therapeutics shares at an average price of $114.81, generating $1.15 million; he retained 1,054,543 shares after the transaction.
• Corcept shares fell 2.8% to $110.16, while the company reported quarterly earnings of $0.36 per share and revenue of $256.15 million, surpassing analyst expectations.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $138.17 price target; institutional investors own 93.61% of the stock.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) Director James Wilson sold 10,000 shares of the company's stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $114.81, for a total value of $1,148,100.00. Following the completion of the transaction, the director directly owned 1,054,543 shares in the company, valued at approximately $121,072,081.83. This represents a 0.94% 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 Stock Down 2.8%

Shares of CORT traded down $3.21 during mid-day trading on Friday, hitting $110.16. 849,667 shares of the company's stock were exchanged, compared to its average volume of 1,486,203. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $126.38. The stock's 50-day simple moving average is $115.67 and its 200-day simple moving average is $86.52. The firm has a market cap of $11.91 billion, a price-to-earnings ratio of 262.29 and a beta of 0.40.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.34. The business had revenue of $256.15 million during the quarter, compared to analysts' expectations of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. Corcept Therapeutics's revenue was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.29 earnings per share. Analysts forecast that Corcept Therapeutics Incorporated will post 1.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CORT has been the subject of a number of research analyst reports. Truist Financial initiated coverage on shares of Corcept Therapeutics in a research report on Tuesday, August 18th. They set a "buy" rating and a $164.00 price objective for the company. Weiss Ratings upgraded shares of Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, September 24th. Wall Street Zen raised shares of Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Zacks Research raised shares of Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 28th. Finally, Canaccord Genuity Group upped their price target on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.17.

Hedge Funds Weigh In On Corcept Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Corcept Therapeutics in the second quarter worth $1,080,964,000. Parallel Advisors LLC raised its position in Corcept Therapeutics by 2.5% during the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company's stock worth $160,329,000 after purchasing an additional 96,763 shares during the last quarter. First Trust Advisors LP raised its position in Corcept Therapeutics by 213.5% during the 1st quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company's stock worth $87,609,000 after purchasing an additional 1,480,059 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Corcept Therapeutics during the 2nd quarter worth about $49,185,000. Finally, Principal Financial Group Inc. lifted its holdings in Corcept Therapeutics by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 455,248 shares of the biotechnology company's stock worth $18,351,000 after buying an additional 11,156 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

About Corcept Therapeutics

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering, developing and commercializing medicines that modulate the glucocorticoid receptor. The company's research is based on the role of excess cortisol activity in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept's principal commercial product is Korlym (mifepristone), a glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing's syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have had unsuccessful 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.