Insider Selling: Corcept Therapeutics (NASDAQ:CORT) CFO Sells 40,000 Shares of Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CFO Atabak Mokari sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.15, for a total value of $3,246,000.00. Following the transaction, the chief financial officer owned 16,130 shares of the company’s stock, valued at approximately $1,308,949.50. This represents a 71.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Atabak Mokari also recently made the following trade(s):

• On Monday, June 1st, Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $70.00, for a total value of $2,800,000.00.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT traded down $1.96 during midday trading on Wednesday, hitting $81.75. 849,968 shares of the company’s stock were exchanged, compared to its average volume of 1,689,248. The firm has a market cap of $8.78 billion, a P/E ratio of 233.58 and a beta of 0.50. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $91.00. The stock’s 50 day moving average price is $57.34 and its 200-day moving average price is $52.13.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The firm had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $0.17 earnings per share. On average, analysts expect that Corcept Therapeutics Incorporated will post 0.62 EPS for the current fiscal year.

Institutional Trading of Corcept Therapeutics

Several large investors have recently added to or reduced their stakes in the company. Pathstone Holdings LLC raised its stake in Corcept Therapeutics by 0.8% during the 3rd quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company’s stock valued at $1,497,000 after purchasing an additional 144 shares during the period. State of Wyoming increased its stake in shares of Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 186 shares during the last quarter. Clearstead Advisors LLC increased its stake in shares of Corcept Therapeutics by 163.6% in the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 193 shares during the last quarter. Gould Capital LLC increased its stake in shares of Corcept Therapeutics by 50.0% in the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company’s stock worth $50,000 after acquiring an additional 200 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in shares of Corcept Therapeutics by 3.7% in the fourth quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company’s stock worth $240,000 after acquiring an additional 247 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CORT has been the subject of a number of recent research reports. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research report on Thursday, May 28th. Piper Sandler increased their price objective on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Canaccord Genuity Group boosted their target price 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. Finally, Wolfe Research raised shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Corcept Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $88.83.

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.