Insider Selling: Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Sells $120,078.42 in Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff sold 1,974 shares of Corcept Therapeutics stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $60.83, for a total value of $120,078.42. Following the sale, the chief executive officer now directly owns 3,017,437 shares of the company’s stock, valued at $183,550,692.71. This trade represents a 0.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Corcept Therapeutics Price Performance

Shares of NASDAQ:CORT opened at $56.68 on Friday. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The firm has a 50-day simple moving average of $61.91 and a 200 day simple moving average of $54.33. The company has a market cap of $5.98 billion, a PE ratio of 44.98 and a beta of 0.61. Corcept Therapeutics Incorporated has a fifty-two week low of $20.84 and a fifty-two week high of $75.00.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). The business had revenue of $181.89 million for the quarter, compared to analyst estimates of $200.12 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. On average, sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $115.00 target price on shares of Corcept Therapeutics in a report on Thursday, February 27th. Canaccord Genuity Group boosted their price target on Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. StockNews.com downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, Piper Sandler upped their price objective on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $99.75.

Institutional Investors Weigh In On Corcept Therapeutics

Several hedge funds have recently modified their holdings of the stock. Kestra Investment Management LLC acquired a new position in Corcept Therapeutics during the fourth quarter valued at $27,000. Canada Pension Plan Investment Board bought a new stake in shares of Corcept Therapeutics in the 4th quarter valued at approximately $40,000. National Bank of Canada FI acquired a new position in Corcept Therapeutics in the fourth quarter worth approximately $42,000. USA Financial Formulas bought a new position in Corcept Therapeutics during the fourth quarter valued at approximately $54,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Corcept Therapeutics in the fourth quarter valued at approximately $58,000. 93.61% of the stock is owned by hedge funds and other institutional investors.

About Corcept Therapeutics

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.