Insider Selling: Corcept Therapeutics (NASDAQ:CORT) Insider Sells $93,474.00 in Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) insider Joseph Lyon sold 810 shares of the firm’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $115.40, for a total value of $93,474.00. Following the sale, the insider directly owned 5,683 shares in the company, valued at approximately $655,818.20. This trade represents a 12.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, October 2nd, Joseph Lyon sold 9,190 shares of Corcept Therapeutics stock. The stock was sold at an average price of $116.13, for a total value of $1,067,234.70.
• On Monday, September 14th, Joseph Lyon sold 10,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $113.49, for a total value of $1,134,900.00.
• 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 Trading Up 0.0%

NASDAQ:CORT opened at $119.60 on Thursday. The stock has a market cap of $12.93 billion, a P/E ratio of 284.77 and a beta of 0.40. The stock’s 50-day moving average is $114.98 and its 200-day moving average is $83.08. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $126.38.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The company had revenue of $256.15 million during the quarter, compared to the consensus estimate of $221.15 million. During the same quarter in the prior year, the firm posted $0.29 earnings per share. The firm’s revenue was up 31.7% compared to the same quarter last year. As a group, equities analysts forecast that Corcept Therapeutics Incorporated will post 1.86 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CORT. Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 1st. Piper Sandler reaffirmed an “overweight” rating and set a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Wolfe Research lowered Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price target on the stock. in a research report on Monday, July 27th. Truist Financial started coverage on Corcept Therapeutics in a research note on Tuesday, August 18th. They issued a “buy” rating and a $164.00 price target for the company. Finally, Canaccord Genuity Group raised 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. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $138.17.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Corcept Therapeutics during the second quarter worth about $1,080,964,000. Parallel Advisors LLC grew its position in shares of Corcept Therapeutics by 2.5% during the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock valued at $160,329,000 after acquiring an additional 96,763 shares during the period. Geode Capital Management LLC grew its position in shares of Corcept Therapeutics by 38.0% during the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock valued at $92,892,000 after acquiring an additional 734,646 shares during the period. First Trust Advisors LP increased its stake in shares of Corcept Therapeutics by 213.5% during the 1st quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock worth $87,609,000 after purchasing an additional 1,480,059 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Corcept Therapeutics during the 2nd quarter worth approximately $49,185,000. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Company Profile

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.