Joseph Douglas Lyon Sells 10,000 Shares of Corcept Therapeutics (NASDAQ:CORT) Stock

Key Points

• Insider sale: Joseph Douglas Lyon sold 10,000 Corcept Therapeutics shares for approximately $1.13 million at an average price of $113.49, reducing his direct ownership by 63.76% to 5,683 shares.
• Strong quarterly results: Corcept reported quarterly revenue of $256.15 million, up 31.7% year over year, and earnings of $0.36 per share, surpassing analyst expectations of $0.02.
• Mixed but generally positive outlook: Analysts maintain a “Moderate Buy” consensus with an average price target of $138.17, while shares recently traded at $111.81 and 93.61% of the stock is held by institutions and hedge funds.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider Joseph Lyon sold 10,000 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $113.49, for a total value of $1,134,900.00. Following the sale, the insider directly owned 5,683 shares in the company, valued at approximately $644,963.67. This trade represents a 63.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Joseph Douglas Lyon also recently made the following trade(s):

• On Monday, August 3rd, Joseph Lyon sold 1,540 shares of Corcept Therapeutics stock. The shares were sold at an average price of $114.16, for a total value of $175,806.40.

Corcept Therapeutics Price Performance

CORT traded up $0.99 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 market capitalization of $12.09 billion, a price-to-earnings ratio of 266.22 and a beta of 0.45. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $126.38. The business has a 50-day moving average of $107.38 and a two-hundred day moving average of $73.87.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. During the same period last year, the firm earned $0.29 EPS. The business's quarterly revenue was up 31.7% compared to the same quarter last year. Equities research analysts expect that Corcept Therapeutics Incorporated will post 2.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CORT shares. UBS Group set a $135.00 target price on Corcept Therapeutics in a report on Thursday, May 28th. Canaccord Genuity Group upped their price objective on Corcept Therapeutics from $135.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Weiss Ratings lowered Corcept Therapeutics from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, September 8th. Wall Street Zen upgraded Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Finally, Wolfe Research downgraded Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 target price for the company. in a research note on Monday, July 27th. Five equities research 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 a consensus price target of $138.17.

Institutional Trading of Corcept Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Sequoia Financial Advisors LLC acquired a new position in shares of Corcept Therapeutics in the 2nd quarter worth approximately $645,000. Tidal Investments LLC increased its position in shares of Corcept Therapeutics by 9.2% during the second quarter. Tidal Investments LLC now owns 24,218 shares of the biotechnology company's stock worth $2,106,000 after buying an additional 2,039 shares during the period. Integrated Wealth Concepts LLC bought a new position in Corcept Therapeutics during the second quarter worth $558,000. NewEdge Advisors LLC lifted its holdings in Corcept Therapeutics by 17.9% in the second quarter. NewEdge Advisors LLC now owns 11,041 shares of the biotechnology company's stock valued at $960,000 after buying an additional 1,677 shares during the period. Finally, IFP Advisors Inc lifted its holdings in Corcept Therapeutics by 568.4% in the second quarter. IFP Advisors Inc now owns 909 shares of the biotechnology company's stock valued at $79,000 after buying an additional 773 shares during the period. 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 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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