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

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

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock opened at $79.91 on Friday. The stock has a market capitalization of $8.58 billion, a price-to-earnings ratio of 228.32 and a beta of 0.50. The business has a 50-day moving average of $58.92 and a 200 day moving average of $52.14. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $91.00.

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

Institutional Trading of Corcept Therapeutics

Several hedge funds have recently made changes to their positions in CORT. Pathstone Holdings LLC raised its holdings in Corcept Therapeutics by 0.8% during the third quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company’s stock worth $1,497,000 after purchasing an additional 144 shares in the last quarter. State of Wyoming lifted its holdings in shares of Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after buying an additional 186 shares during the period. Clearstead Advisors LLC lifted its holdings in shares of Corcept Therapeutics by 163.6% in the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 193 shares during the period. Gould Capital LLC boosted its stake in shares of Corcept Therapeutics by 50.0% in the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company’s stock valued at $50,000 after buying an additional 200 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in Corcept Therapeutics by 3.7% during the fourth quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company’s stock worth $240,000 after acquiring an additional 247 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on CORT. HC Wainwright lifted their price target on shares of 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. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. UBS Group set a $135.00 price target on Corcept Therapeutics in a research report on Thursday, May 28th. Finally, Wolfe Research upgraded shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research report on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $88.83.

Key Headlines 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

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.