Corcept Therapeutics (NASDAQ:CORT) CFO Sells $2,800,000.00 in Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CFO Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock in a transaction on Monday, June 1st. The shares were sold at an average price of $70.00, for a total value of $2,800,000.00. Following the transaction, the chief financial officer owned 15,257 shares in the company, valued at $1,067,990. This trade represents a 72.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Corcept Therapeutics Stock Performance

NASDAQ CORT opened at $72.62 on Friday. The company has a market capitalization of $7.80 billion, a PE ratio of 207.49 and a beta of 0.50. The business’s fifty day moving average is $51.73 and its 200 day moving average is $52.15. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $91.00.

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 the consensus estimate 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 quarter last year, the firm posted $0.17 earnings per share. Corcept Therapeutics’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, sell-side analysts forecast that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

Institutional Investors Weigh In On Corcept Therapeutics

Large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Corcept Therapeutics by 223.4% in 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. Brown Capital Management LLC bought a new stake in shares of Corcept Therapeutics in the third quarter worth about $19,950,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Corcept Therapeutics by 111.8% in 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 increased its holdings in shares of Corcept Therapeutics by 34.1% in 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. Finally, Public Sector Pension Investment Board increased its holdings in shares of Corcept Therapeutics by 13.7% in the third quarter. Public Sector Pension Investment Board now owns 365,838 shares of the biotechnology company’s stock worth $30,405,000 after purchasing an additional 44,070 shares during the last quarter. 93.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on CORT shares. Canaccord Genuity Group boosted their price objective on Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. HC Wainwright boosted their price objective on Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Finally, Wolfe Research upgraded Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research report on Thursday, March 26th. 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.