Corcept Therapeutics (NASDAQ:CORT) CFO Atabak Mokari Sells 40,000 Shares

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

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

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

Corcept Therapeutics Stock Performance

Shares of NASDAQ:CORT opened at $81.75 on Thursday. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $91.00. The company has a market capitalization of $8.78 billion, a PE ratio of 233.58 and a beta of 0.50. The company has a 50 day moving average price of $58.15 and a two-hundred day moving average price of $52.14.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings in Corcept Therapeutics by 223.4% during the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock worth $70,632,000 after purchasing an additional 587,053 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Corcept Therapeutics by 111.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company’s stock worth $19,404,000 after purchasing an additional 268,155 shares during the last quarter. First Trust Advisors LP boosted its holdings in Corcept Therapeutics by 34.1% during the third quarter. First Trust Advisors LP now owns 720,224 shares of the biotechnology company’s stock worth $59,858,000 after purchasing an additional 183,038 shares during the last quarter. Checkpoint Capital L.P. boosted its holdings in Corcept Therapeutics by 14.1% during the third quarter. Checkpoint Capital L.P. now owns 392,331 shares of the biotechnology company’s stock worth $32,607,000 after purchasing an additional 48,414 shares during the last quarter. Finally, TD Asset Management Inc boosted its holdings in Corcept Therapeutics by 16.6% during the third quarter. TD Asset Management Inc now owns 956,136 shares of the biotechnology company’s stock worth $79,464,000 after purchasing an additional 136,254 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Analysts Set New Price Targets

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

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.