Insider Selling: Corcept Therapeutics (NASDAQ:CORT) Insider Sells $2,858,976.36 in Stock

Key Points

• Insider Sean Maduck sold 24,587 Corcept Therapeutics shares at an average price of $116.28, generating $2.86 million; the transaction reduced his direct holdings by 71.22% to 9,938 shares.
• Corcept shares traded at $122.03, near their 12-month high of $126.38. The company recently exceeded quarterly earnings and revenue expectations, with revenue up 31.7% year over year.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $138.17; institutional investors and hedge funds own 93.61% of the stock.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider Sean Maduck sold 24,587 shares of the firm's stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $116.28, for a total transaction of $2,858,976.36. Following the completion of the transaction, the insider directly owned 9,938 shares in the company, valued at $1,155,590.64. This trade represents a 71.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• 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 stock was sold at an average price of $114.43, for a total transaction 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 shares were sold at an average price of $114.49, for a total value 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 value of $118,070.12.
• On Monday, August 3rd, Sean Maduck sold 20,305 shares of Corcept Therapeutics stock. The stock was sold at an average price of $114.70, for a total transaction of $2,328,983.50.

Corcept Therapeutics Price Performance

CORT traded up $5.80 during trading on Monday, reaching $122.03. The company had a trading volume of 1,004,763 shares, compared to its average volume of 1,733,962. The company has a market cap of $13.19 billion, a P/E ratio of 290.55 and a beta of 0.40. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $126.38. The business's fifty day moving average price is $113.94 and its 200 day moving average price is $81.87.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.34. The business had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm's quarterly revenue was up 31.7% on a year-over-year basis. During the same period last year, the business posted $0.29 earnings per share. As a group, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.86 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on CORT shares. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Zacks Research upgraded Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 28th. Weiss Ratings raised Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, September 24th. HC Wainwright reaffirmed a "buy" rating and set a $165.00 price target on shares of Corcept Therapeutics in a research note on Friday, September 18th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $138.17.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CORT. QRG Capital Management Inc. boosted its holdings in shares of Corcept Therapeutics by 25.4% in the 2nd quarter. QRG Capital Management Inc. now owns 9,042 shares of the biotechnology company's stock valued at $786,000 after buying an additional 1,834 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Corcept Therapeutics by 1.8% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 10,617 shares of the biotechnology company's stock valued at $923,000 after acquiring an additional 184 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Corcept Therapeutics in the 2nd quarter valued at about $645,000. Tidal Investments LLC grew its position in shares of Corcept Therapeutics by 9.2% in the 2nd quarter. Tidal Investments LLC now owns 24,218 shares of the biotechnology company's stock valued at $2,106,000 after acquiring an additional 2,039 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Corcept Therapeutics during the 2nd quarter worth about $558,000. 93.61% of the stock is 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.

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