Corcept Therapeutics (NASDAQ:CORT) Director Sells $12,251,409.50 in Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) Director David Mahoney sold 103,606 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total value of $12,251,409.50. Following the transaction, the director directly owned 1,133,539 shares in the company, valued at approximately $134,040,986.75. The trade was a 8.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Corcept Therapeutics Stock Up 1.7%

Shares of Corcept Therapeutics stock traded up $2.03 during trading on Thursday, reaching $121.05. The company’s stock had a trading volume of 785,384 shares, compared to its average volume of 1,541,773. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $122.21. The company has a 50-day simple moving average of $95.84 and a two-hundred day simple moving average of $63.62. The company has a market cap of $13.09 billion, a price-to-earnings ratio of 288.22 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The company had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. During the same period in the prior year, the company posted $0.29 EPS. The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. As a group, analysts anticipate that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

CORT has been the subject of a number of recent analyst reports. Truist Financial began coverage on shares of Corcept Therapeutics in a research note on Tuesday. They issued a “buy” rating and a $164.00 target price for the company. Wall Street Zen raised shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 1st. Canaccord Genuity Group lifted their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. HC Wainwright lifted their price objective on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $138.17.

Institutional Investors Weigh In On Corcept Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of CORT. Royal Bank of Canada boosted its position in Corcept Therapeutics by 18.9% in the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock valued at $1,757,000 after buying an additional 2,444 shares during the last quarter. Amundi purchased a new position in Corcept Therapeutics during the 1st quarter worth approximately $450,000. NewEdge Advisors LLC acquired a new stake in Corcept Therapeutics during the 1st quarter valued at approximately $518,000. EverSource Wealth Advisors LLC lifted its stake in Corcept Therapeutics by 273.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock valued at $106,000 after acquiring an additional 1,055 shares during the period. Finally, Marshall Wace LLP boosted its holdings 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 valued at $3,391,000 after acquiring an additional 41,040 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

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.