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

Corcept Therapeutics Incorporated (NASDAQ:CORT) Director David Mahoney sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the transaction, the director owned 26,147 shares in the company, valued at $2,210,205.91. The trade was a 43.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Corcept Therapeutics Trading Down 2.3%

Shares of NASDAQ CORT traded down $1.84 during midday trading on Thursday, reaching $79.91. The company had a trading volume of 1,875,364 shares, compared to its average volume of 1,690,858. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $91.00. The business’s 50-day simple moving average is $58.15 and its 200 day simple moving average is $52.14. The stock has a market cap of $8.58 billion, a P/E ratio of 228.32 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data 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). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company had revenue of $164.90 million for the quarter, compared to analysts’ expectations of $185.83 million. During the same period last year, the firm earned $0.17 earnings per share. Corcept Therapeutics’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts predict that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Hedge Funds Weigh In On Corcept Therapeutics

Institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC boosted its stake in shares of Corcept Therapeutics by 2.5% in the first quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock worth $160,329,000 after buying an additional 96,763 shares during the last quarter. State Street Corp raised its position in Corcept Therapeutics by 0.5% during the fourth quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company’s stock valued at $103,915,000 after acquiring an additional 15,656 shares in the last quarter. Geode Capital Management LLC raised its position in Corcept Therapeutics by 38.0% during the fourth 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 in the last quarter. First Trust Advisors LP lifted its holdings in Corcept Therapeutics by 213.5% in the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock valued at $87,609,000 after acquiring an additional 1,480,059 shares during the period. Finally, Morgan Stanley lifted its holdings in Corcept Therapeutics by 34.1% in the fourth quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company’s stock valued at $55,404,000 after acquiring an additional 405,081 shares during the period. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Piper Sandler upped their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Wolfe Research upgraded shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a research report on Monday. Finally, UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, 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.