Corcept Therapeutics (NASDAQ:CORT) Insider Sean Maduck Sells 13,159 Shares of Company Stock

Key Points

• Insider Sean Maduck sold 13,159 Corcept shares at an average $82.25, worth about $1.08 million, reducing his direct holdings by 56.97% to 9,938 shares.
• Corcept reported quarterly revenue of $340.5 million, up 64% year over year, and earnings of $1.01 per share—both above analyst estimates.
• Despite the earnings beat, shares fell amid concerns about company guidance. Investors are also watching for the FDA’s December 17 decision on relacorilant.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider Sean Maduck sold 13,159 shares of the company's stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $82.25, for a total value of $1,082,327.75. Following the transaction, the insider directly owned 9,938 shares in the company, valued at $817,400.50. The trade was a 56.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• On Monday, November 2nd, Sean Maduck sold 11,841 shares of Corcept Therapeutics stock. The stock was sold at an average price of $81.42, for a total value of $964,094.22.
• On Friday, October 2nd, Sean Maduck sold 24,587 shares of Corcept Therapeutics stock. The stock was sold at an average price of $116.28, for a total value of $2,858,976.36.
• On Thursday, October 1st, Sean Maduck sold 413 shares of Corcept Therapeutics stock. The shares were sold at an average price of $115.54, for a total value of $47,718.02.
• On Tuesday, September 1st, Sean Maduck sold 25,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $114.43, for a total value of $2,860,750.00.
• On Tuesday, August 25th, Sean Maduck sold 30,955 shares of Corcept Therapeutics stock. The shares were sold at an average price of $125.58, for a total value of $3,887,328.90.
• On Friday, August 14th, Sean Maduck sold 3,664 shares of Corcept Therapeutics stock. The stock was sold at an average price of $114.49, for a total transaction of $419,491.36.
• On Monday, August 10th, Sean Maduck sold 1,031 shares of Corcept Therapeutics stock. The stock was sold at an average price of $114.52, for a total transaction of $118,070.12.

Corcept Therapeutics Stock Performance

Shares of CORT stock traded down $2.71 during trading on Wednesday, hitting $79.22. 2,195,641 shares of the company were exchanged, compared to its average volume of 998,273. The business's 50-day simple moving average is $109.43 and its 200 day simple moving average is $75.28. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $126.38. The firm has a market capitalization of $8.56 billion, a price-to-earnings ratio of 64.51 and a beta of 0.54.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data on Tuesday, November 3rd. The biotechnology company reported $1.01 earnings per share for the quarter, beating the consensus estimate 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 quarter in the prior year, the business earned $0.16 EPS. The company's revenue for the quarter was up 64.0% compared to the same quarter last year. On average, equities analysts forecast that Corcept Therapeutics Incorporated will post 1.83 earnings per share for the current fiscal year.

Key Headlines 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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CORT. Alberta Investment Management Corp bought a new stake in Corcept Therapeutics during the second quarter worth approximately $9,843,000. BlackRock Inc. acquired a new position in Corcept Therapeutics during the second quarter valued at approximately $1,080,964,000. NewEdge Wealth LLC bought a new position in shares of Corcept Therapeutics in the second quarter valued at approximately $3,034,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Corcept Therapeutics in the second quarter valued at approximately $2,311,000. Finally, Evanson Financial LLC bought a new position in shares of Corcept Therapeutics in the second quarter valued at approximately $1,085,000. 93.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Piper Sandler reissued an "overweight" rating and issued a $173.00 price target (up from $165.00) on shares of Corcept Therapeutics in a research note on Wednesday. Weiss Ratings raised 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 upgraded shares of Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Truist Financial assumed coverage on shares of Corcept Therapeutics in a research note on Tuesday, August 18th. They issued a "buy" rating and a $164.00 target price for the company. Finally, HC Wainwright restated a "buy" rating and set a $165.00 price target on shares of Corcept Therapeutics in a research note on Friday, September 18th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $139.50.

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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