Insider Selling: Corcept Therapeutics (NASDAQ:CORT) Director Sells 10,000 Shares of Stock

Key Points

• Director James Wilson sold 10,000 Corcept Therapeutics shares at an average price of $110.69, generating $1.11 million; his remaining stake is valued at approximately $117.8 million.
• Corcept reported strong quarterly results, with earnings of $0.36 per share versus the $0.02 consensus estimate and revenue of $256.15 million, up 31.7% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and average price target of $138.17, while CORT recently traded at $111.81.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) Director James Wilson sold 10,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $110.69, for a total transaction of $1,106,900.00. Following the sale, the director directly owned 1,064,543 shares of the company's stock, valued at $117,834,264.67. This represents a 0.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Corcept Therapeutics Stock Performance

CORT traded up $0.99 during trading on Wednesday, hitting $111.81. 648,684 shares of the stock were exchanged, compared to its average volume of 1,475,606. The firm has a 50 day simple moving average of $107.38 and a 200 day simple moving average of $73.87. The firm has a market cap of $12.09 billion, a price-to-earnings ratio of 266.22 and a beta of 0.45. 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 issued its earnings results 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. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The business had revenue of $256.15 million during the quarter, compared to analysts' expectations of $221.15 million. During the same period in the prior year, the business earned $0.29 EPS. The business's revenue for the quarter was up 31.7% compared to the same quarter last year. As a group, equities analysts anticipate that Corcept Therapeutics Incorporated will post 2.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on CORT shares. Weiss Ratings cut shares of Corcept Therapeutics from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, September 8th. HC Wainwright upped their price target on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. 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. Piper Sandler reiterated an "overweight" rating and set a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Finally, Wolfe Research lowered shares of Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective on the stock. in a report on Monday, July 27th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $138.17.

Institutional Investors Weigh In On Corcept Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Corcept Therapeutics in the second quarter worth about $1,080,964,000. First Trust Advisors LP grew its stake in shares of Corcept Therapeutics by 213.5% during the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company's stock worth $87,609,000 after acquiring an additional 1,480,059 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Corcept Therapeutics by 38.0% during the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company's stock valued at $92,892,000 after acquiring an additional 734,646 shares in the last quarter. Norges Bank purchased a new position in shares of Corcept Therapeutics in the 4th quarter valued at approximately $24,213,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Corcept Therapeutics in the 2nd quarter valued at approximately $49,185,000. Institutional investors own 93.61% of the company's stock.

About Corcept Therapeutics

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering and developing medicines that modulate the effects of the stress hormone cortisol. The company's research centers on the glucocorticoid receptor, which regulates cortisol activity and may play a role in metabolic, psychiatric, oncologic and other serious diseases.

Corcept's commercial 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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