Corcept Therapeutics (NASDAQ:CORT) Insider Sells $967,461.30 in Stock

Key Points

• Insider sale: Roberto Vieira sold 8,333 Corcept Therapeutics shares for approximately $967,461 at an average price of $116.10, reducing his holdings by 67.86% to 3,946 shares. He also reported two earlier sales totaling more than $6.49 million.
• Strong operating results: Corcept reported quarterly EPS of $0.36, well above the $0.02 analyst estimate, while revenue reached $256.15 million, up 31.7% year over year and ahead of expectations.
• Stock and analyst outlook: Shares rose 5% to $122.03, near their 52-week high. Analysts maintain a “Moderate Buy” consensus with an average target of $138.17, although Wolfe Research downgraded the stock to “Underperform.”

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider Roberto Vieira sold 8,333 shares of the business's stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $116.10, for a total transaction of $967,461.30. Following the completion of the sale, the insider owned 3,946 shares in the company, valued at $458,130.60. This represents a 67.86% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

• 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 transaction of $29,842.72.
• On Wednesday, September 2nd, Roberto Vieira sold 58,333 shares of Corcept Therapeutics stock. The shares were sold at an average price of $110.76, for a total transaction of $6,460,963.08.

Corcept Therapeutics Stock Up 5.0%

NASDAQ:CORT traded up $5.80 on Monday, reaching $122.03. The stock had a trading volume of 1,004,763 shares, compared to its average volume of 1,733,962. The company has a market capitalization of $13.19 billion, a P/E ratio of 290.55 and a beta of 0.40. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $126.38. The stock has a fifty day moving average price of $113.94 and a 200-day moving average price of $81.87.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.34. The company 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 quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 earnings per share. Sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corcept Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Corcept Therapeutics during the 2nd quarter worth about $27,000. State of Wyoming grew its holdings in Corcept Therapeutics by 29.5% during the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock worth $33,000 after acquiring an additional 186 shares during the period. IFP Advisors Inc raised its position in shares of Corcept Therapeutics by 568.4% during the 2nd quarter. IFP Advisors Inc now owns 909 shares of the biotechnology company's stock valued at $79,000 after acquiring an additional 773 shares during the last quarter. Freestone Grove Partners LP acquired a new position in shares of Corcept Therapeutics in the 2nd quarter valued at $87,000. Finally, Gould Capital LLC lifted its stake in shares of Corcept Therapeutics by 66.7% in the 1st quarter. Gould Capital LLC now owns 1,000 shares of the biotechnology company's stock valued at $40,000 after purchasing an additional 400 shares during the period. Institutional investors own 93.61% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Wolfe Research lowered Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective on the stock. in a research note on Monday, July 27th. Weiss Ratings upgraded Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, September 24th. HC Wainwright reaffirmed a "buy" rating and issued a $165.00 price target on shares of Corcept Therapeutics in a report on Friday, September 18th. 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 research report on Wednesday, July 29th. Finally, 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 report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $138.17.

Corcept Therapeutics Company Profile

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.

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