William Guyer Sells 20,000 Shares of Corcept Therapeutics (NASDAQ:CORT) Stock

Key Points

• Insider sale: Corcept Therapeutics insider William Guyer sold 20,000 shares on July 7 at an average price of $93.13, totaling about $1.86 million. After the sale, he held 3,985 shares, an 83.39% reduction in his position.
• Recent trading activity: Guyer also sold 20,000 shares in each of two earlier transactions on June 2 and May 5, showing a pattern of continued insider selling as the stock has risen.
• Stock and fundamentals: CORT traded near its 12-month high at $92.94, well above its 50-day and 200-day moving averages, but the company recently reported a quarterly earnings miss despite 4.9% revenue growth year over year.

Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider William Guyer sold 20,000 shares of the firm's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $93.13, for a total value of $1,862,600.00. Following the completion of the sale, the insider directly owned 3,985 shares in the company, valued at approximately $371,123.05. This represents a 83.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• 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 value of $1,412,000.00.
• On Tuesday, May 5th, William Guyer sold 20,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $51.83, for a total value of $1,036,600.00.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock traded down $1.10 during midday trading on Wednesday, hitting $92.94. 1,037,028 shares of the company traded hands, compared to its average volume of 942,981. The stock has a market cap of $9.98 billion, a price-to-earnings ratio of 265.55 and a beta of 0.47. The firm's fifty day moving average price is $70.78 and its 200-day moving average price is $52.44. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $94.77.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The company had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. Corcept Therapeutics's revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.17 EPS. Equities research analysts forecast that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CORT shares. HC Wainwright boosted their price target on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Canaccord Genuity Group upped their price objective on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Truist Financial upgraded shares of Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. Finally, Zacks Research raised shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $88.83.

Institutional Trading of Corcept Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new position in Corcept Therapeutics in the third quarter worth approximately $25,000. Larson Financial Group LLC lifted its holdings in shares of Corcept Therapeutics by 2,326.3% in the 3rd quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company's stock worth $38,000 after purchasing an additional 442 shares in the last quarter. Gould Capital LLC lifted its holdings in shares of Corcept Therapeutics by 50.0% in the 3rd quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 200 shares in the last quarter. Torren Management LLC acquired a new stake in Corcept Therapeutics in the 4th quarter valued at $25,000. Finally, CIBC Private Wealth Group LLC increased its stake in Corcept Therapeutics by 128.5% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 770 shares of the biotechnology company's stock valued at $64,000 after purchasing an additional 433 shares in the last quarter. 93.61% of the stock is owned by institutional investors.

About Corcept Therapeutics

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.

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