Insider Selling: Corcept Therapeutics (NASDAQ:CORT) Insider Sells 3,700 Shares

Key Points

• Insider selling: William Guyer sold 3,700 Corcept Therapeutics shares for approximately $418,544, reducing his ownership by 48.15% to 3,985 shares. He had also sold 20,000 shares in both June and July.
• Strong quarterly results: Corcept reported quarterly EPS of $0.36, exceeding the $0.02 consensus estimate, while revenue rose 31.7% year over year to $256.15 million.
• Market and analyst view: Shares recently traded at $107.95, near their 52-week high of $122.21. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $119.17, while institutional investors own 93.61% of the stock.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider William Guyer sold 3,700 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $113.12, for a total value of $418,544.00. Following the completion of the transaction, the insider directly owned 3,985 shares in the company, valued at approximately $450,783.20. The trade was a 48.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

William Guyer also recently made the following trade(s):

• On Tuesday, July 7th, William Guyer sold 20,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $93.13, for a total transaction of $1,862,600.00.
• On Tuesday, June 2nd, William Guyer sold 20,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $70.60, for a total transaction of $1,412,000.00.

Corcept Therapeutics Price Performance

CORT traded down $2.74 during trading on Thursday, hitting $107.95. The company had a trading volume of 761,818 shares, compared to its average volume of 1,592,582. The company has a market cap of $11.67 billion, a PE ratio of 257.03 and a beta of 0.45. The business has a 50-day moving average of $87.69 and a 200-day moving average of $58.49. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $122.21.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $256.15 million during 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 revenue for the quarter was up 31.7% compared to the same quarter last year. During the same period last year, the business earned $0.29 EPS. Research analysts forecast that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CORT. Weiss Ratings reissued a "hold (c-)" rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 1st. Truist Financial upgraded Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. Piper Sandler reiterated an "overweight" rating and issued a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Finally, Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Corcept Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $119.17.

Institutional Investors Weigh In On Corcept Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of CORT. Torren Management LLC acquired a new position in Corcept Therapeutics in the fourth quarter valued at approximately $25,000. Advisory Services Network LLC bought a new stake in shares of Corcept Therapeutics in the 3rd quarter worth approximately $25,000. Atlas Capital Advisors Inc. acquired a new position in Corcept Therapeutics during the 4th quarter valued at approximately $31,000. State of Wyoming grew its stake 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 buying an additional 186 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its position in Corcept Therapeutics by 113.7% in the fourth quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company's stock worth $34,000 after buying an additional 524 shares during the period. Institutional investors and hedge funds own 93.61% of the company's stock.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source