Corcept Therapeutics (NASDAQ:CORT) Insider Roberto Wandenkolk Vieira Sells 8,333 Shares of Stock

Key Points

• Insider Roberto Wandenkolk Vieira sold 8,333 Corcept shares at an average price of $80.89, worth about $674,056. He retained 3,946 shares after the sale, a 67.86% reduction in his direct holdings.
• Corcept’s third-quarter revenue increased 64% year over year to $340.5 million, while earnings of $1.01 per share beat analyst estimates of $336.4 million and $0.79, respectively.
• Despite the earnings beat, shares fell amid concerns about guidance. Investors are also watching for the FDA’s expected December 17 decision on relacorilant; Piper Sandler raised its price target to $173 and maintained an “overweight” rating.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider Roberto Vieira sold 8,333 shares of the company's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $80.89, for a total transaction of $674,056.37. Following the completion of the sale, the insider directly owned 3,946 shares in the company, valued at $319,191.94. This trade represents a 67.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Roberto Wandenkolk Vieira also recently made the following trade(s):

• On Friday, October 2nd, Roberto Vieira sold 8,333 shares of Corcept Therapeutics stock. The shares were sold at an average price of $116.10, for a total transaction of $967,461.30.
• On Wednesday, September 16th, Roberto Vieira sold 296 shares of Corcept Therapeutics stock. The stock was sold at an average price of $100.82, for a total value of $29,842.72.
• On Wednesday, September 2nd, Roberto Vieira sold 58,333 shares of Corcept Therapeutics stock. The stock was sold at an average price of $110.76, for a total value of $6,460,963.08.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded down $2.71 during mid-day trading on Wednesday, reaching $79.22. The company's stock had a trading volume of 2,195,641 shares, compared to its average volume of 998,273. The stock has a 50-day moving average of $109.43 and a two-hundred day moving average of $75.28. The stock has a market capitalization of $8.56 billion, a P/E ratio of 64.51 and a beta of 0.54. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $126.38.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Tuesday, November 3rd. The biotechnology company reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.22. Corcept Therapeutics had a net margin of 16.53% and a return on equity of 24.00%. The firm had revenue of $340.47 million for the quarter, compared to analyst estimates of $336.37 million. During the same period in the previous year, the business posted $0.16 earnings per share. Corcept Therapeutics's quarterly revenue was up 64.0% on a year-over-year basis. Analysts predict that Corcept Therapeutics Incorporated will post 1.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Corcept Therapeutics

Several large investors have recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Corcept Therapeutics in the 2nd quarter valued at about $27,000. Provenance Wealth Advisors LLC purchased a new position in Corcept Therapeutics during the third quarter worth about $38,000. Fulcrum Asset Management LLP boosted its stake in Corcept Therapeutics by 520.7% during the third quarter. Fulcrum Asset Management LLP now owns 571 shares of the biotechnology company's stock worth $66,000 after buying an additional 479 shares during the period. Root Financial Partners LLC purchased a new position in Corcept Therapeutics during the third quarter worth about $85,000. Finally, State of Wyoming increased its position in shares of Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock valued at $33,000 after acquiring an additional 186 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CORT shares. Piper Sandler reiterated an "overweight" rating and set a $173.00 price objective (up from $165.00) on shares of Corcept Therapeutics in a research report on Wednesday. Weiss Ratings upgraded Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, September 24th. Canaccord Genuity Group raised their target price on Corcept Therapeutics from $135.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Zacks Research lowered Corcept Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 27th. Finally, Wolfe Research lowered Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price target on the stock. in a report on Monday, July 27th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Corcept Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $139.50.

Key Stories Impacting Corcept Therapeutics

Here are the key news stories impacting Corcept Therapeutics this week:

• Positive Sentiment: Q3 revenue rose 64% year over year to $340.5 million, topping the $336.4 million consensus estimate. Earnings of $1.01 per share also beat the $0.79 estimate. Stronger Korlym sales and growing Lifyorli uptake helped drive the results. Article: CORT's Q3 Earnings Beat
• Positive Sentiment: Piper Sandler reaffirmed its “overweight” rating and raised its price target to $173 from $165, signaling confidence in the company’s prospects. Article: Piper Sandler stock recommendations
• Neutral Sentiment: Corcept is awaiting a December 17 FDA decision on relacorilant and has projected $3 billion to $5 billion in Cushing’s syndrome revenue by 2030. The decision and longer-term sales target could be meaningful catalysts, but depend on regulatory and commercial success. Article: Corcept’s relacorilant decision and revenue target
• Negative Sentiment: Despite the earnings and revenue beats, shares sold off as investors reacted to company guidance, which appeared to disappoint or fall short of expectations. That forward-looking concern outweighed the strong quarterly results. Article: Corcept falls on guidance despite earnings beat

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated NASDAQ: CORT is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company's research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept's primary marketed product is Korlym (mifepristone), an oral 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 not responded adequately to surgery.

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