Corcept Therapeutics (NASDAQ:CORT) CEO Joseph Belanoff Sells 40,000 Shares

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph Belanoff sold 40,000 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $85.08, for a total transaction of $3,403,200.00. Following the completion of the sale, the chief executive officer owned 2,781,370 shares of the company’s stock, valued at approximately $236,638,959.60. This represents a 1.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Corcept Therapeutics Stock Performance

NASDAQ:CORT opened at $88.15 on Friday. Corcept Therapeutics Incorporated has a one year low of $42.01 and a one year high of $117.33. The firm has a market cap of $9.29 billion, a P/E ratio of 78.01 and a beta of 0.46. The firm has a 50-day simple moving average of $73.82 and a 200-day simple moving average of $72.22.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.23 by $0.06. The business had revenue of $194.43 million during the quarter, compared to analyst estimates of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The company’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, research analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CORT. Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “buy” rating in a research note on Friday, September 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Saturday, September 27th. Canaccord Genuity Group restated a “buy” rating and set a $140.00 price target on shares of Corcept Therapeutics in a research note on Thursday, September 25th. Piper Sandler cut their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an “overweight” rating on the stock in a research note on Friday, August 1st. Finally, Zacks Research lowered shares of Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Wednesday. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $135.25.

Hedge Funds Weigh In On Corcept Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CORT. Public Employees Retirement System of Ohio lifted its holdings in Corcept Therapeutics by 269.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company’s stock valued at $144,000 after purchasing an additional 2,086 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Corcept Therapeutics by 50.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,724 shares of the biotechnology company’s stock valued at $389,000 after purchasing an additional 2,578 shares in the last quarter. Rhumbline Advisers lifted its holdings in Corcept Therapeutics by 0.3% during the first quarter. Rhumbline Advisers now owns 201,401 shares of the biotechnology company’s stock valued at $23,004,000 after purchasing an additional 565 shares in the last quarter. Merit Financial Group LLC purchased a new position in Corcept Therapeutics during the first quarter valued at $297,000. Finally, Eagle Rock Investment Company LLC purchased a new position in Corcept Therapeutics during the first quarter valued at $343,000. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.