Corcept Therapeutics (NASDAQ:CORT) CFO Atabak Mokari Sells 80,000 Shares

Corcept Therapeutics Incorporated (NASDAQ:CORT) CFO Atabak Mokari sold 80,000 shares of the firm’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $114.71, for a total transaction of $9,176,800.00. Following the transaction, the chief financial officer owned 16,130 shares of the company’s stock, valued at approximately $1,850,272.30. This represents a 83.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Atabak Mokari also recently made the following trade(s):

• On Monday, June 15th, Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $81.15, for a total value of $3,246,000.00.
• On Monday, June 1st, Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $70.00, for a total value of $2,800,000.00.

Corcept Therapeutics Price Performance

Shares of CORT traded down $1.69 during mid-day trading on Monday, reaching $112.80. The company had a trading volume of 1,688,491 shares, compared to its average volume of 1,605,606. The company has a market capitalization of $12.19 billion, a P/E ratio of 268.58 and a beta of 0.45. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $122.21. The company’s 50-day moving average is $84.77 and its 200-day moving average is $56.91.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 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 business had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. During the same quarter in the previous year, the firm earned $0.29 EPS. Corcept Therapeutics’s quarterly revenue was up 31.7% on a year-over-year basis. As a group, equities analysts expect that Corcept Therapeutics Incorporated will post 1.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Corcept Therapeutics

Institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its position in Corcept Therapeutics by 111.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company’s stock worth $19,404,000 after acquiring an additional 268,155 shares during the last quarter. Avidity Partners Management LP bought a new stake in shares of Corcept Therapeutics in the 4th quarter valued at $766,000. Geode Capital Management LLC boosted 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 during the last quarter. Norges Bank acquired a new stake in Corcept Therapeutics during the fourth quarter worth approximately $24,213,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Corcept Therapeutics in the 4th quarter valued at $2,021,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Analysts Set New Price Targets

CORT has been the topic of several research analyst reports. Piper Sandler restated an “overweight” rating and set a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Wolfe Research lowered shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price target on the stock. in a research note on Monday, July 27th. Finally, Canaccord Genuity Group increased their price objective on Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Corcept Therapeutics has an average rating of “Moderate Buy” and an average target price of $119.17.

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.