Corcept Therapeutics (NASDAQ:CORT) Director James Wilson Sells 10,000 Shares

Corcept Therapeutics Incorporated (NASDAQ:CORT) Director James Wilson sold 10,000 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $83.20, for a total value of $832,000.00. Following the completion of the transaction, the director directly owned 1,094,543 shares in the company, valued at approximately $91,065,977.60. This represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Corcept Therapeutics Stock Performance

NASDAQ CORT opened at $79.91 on Friday. The company has a market capitalization of $8.58 billion, a PE ratio of 228.32 and a beta of 0.50. The business’s fifty day moving average is $58.92 and its 200 day moving average is $52.14. 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 posted its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) 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 during the quarter, compared to the consensus estimate of $185.83 million. During the same period last year, the business earned $0.17 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. 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

A number of hedge funds have recently made changes to their positions in CORT. Royal Bank of Canada raised its holdings in shares of Corcept Therapeutics by 18.9% during the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock worth $1,757,000 after acquiring an additional 2,444 shares in the last quarter. Amundi bought a new stake in Corcept Therapeutics in the first quarter worth $450,000. NewEdge Advisors LLC purchased a new stake in Corcept Therapeutics during the first quarter valued at $518,000. EverSource Wealth Advisors LLC raised its stake in Corcept Therapeutics by 273.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock valued at $106,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Corcept Therapeutics by 795.3% in the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock worth $3,391,000 after buying an additional 41,040 shares in the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Corcept Therapeutics

Here are the key news stories impacting Corcept Therapeutics this week:

• Positive Sentiment: Corcept resubmitted its New Drug Application for relacorilant to the FDA for treating patients with Cushing’s syndrome, a key step that could move the drug closer to approval and expand the company’s commercial pipeline. Article Title
• Neutral Sentiment: Analyst sentiment remains generally constructive, with several firms maintaining or raising price targets and the stock still carrying a “Moderate Buy” consensus rating.
• Negative Sentiment: CFO Atabak Mokari sold 40,000 shares, cutting his stake by more than 71%, which may have raised concerns about insider confidence. Article Title
• Negative Sentiment: Director David L. Mahoney sold 20,000 shares, reducing his position by about 43%, adding to the recent wave of insider selling pressure. Article Title
• Negative Sentiment: Director James N. Wilson also sold 10,000 shares, reinforcing the market’s focus on insider disposition activity. Article Title

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CORT. Piper Sandler lifted their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. HC Wainwright increased their price target on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Truist Financial raised Corcept Therapeutics to a “strong-buy” rating in a report on Monday. 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. Finally, UBS Group set a $135.00 target price on Corcept Therapeutics in a research report on Thursday, May 28th. One research 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.