Insider Selling: Corcept Therapeutics (NASDAQ:CORT) CFO Sells $9,176,800.00 in Stock

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

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 transaction 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 transaction of $2,800,000.00.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded down $1.69 during midday trading on Monday, reaching $112.80. 1,688,491 shares of the company’s stock were exchanged, compared to its average volume of 1,605,606. The stock has a market capitalization of $12.19 billion, a PE ratio of 268.58 and a beta of 0.45. The business’s fifty day moving average price is $84.77 and its two-hundred day moving average price is $56.91. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $122.21.

Corcept Therapeutics (NASDAQ:CORT) last released its 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. The firm had revenue of $256.15 million for the quarter, compared to analysts’ expectations of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. Corcept Therapeutics’s quarterly revenue was up 31.7% on a year-over-year basis. During the same quarter last year, the company earned $0.29 EPS. Analysts predict that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current fiscal year.

Institutional Trading of Corcept Therapeutics

A number of hedge funds have recently modified their holdings of CORT. Torren Management LLC acquired a new position in shares of Corcept Therapeutics in the fourth quarter valued at $25,000. Advisory Services Network LLC acquired a new stake in Corcept Therapeutics during the third quarter worth $25,000. Atlas Capital Advisors Inc. bought a new stake in Corcept Therapeutics in the 4th quarter valued at $31,000. State of Wyoming increased its holdings in 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. Finally, Hantz Financial Services Inc. raised its stake in shares of Corcept Therapeutics by 113.7% in the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock valued at $34,000 after buying an additional 524 shares in the last quarter. Institutional investors own 93.61% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. 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. HC Wainwright upped their price objective on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Finally, Piper Sandler reissued an “overweight” rating and set a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $119.17.

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.