Joseph Belanoff Sells 40,000 Shares of Corcept Therapeutics (NASDAQ:CORT) Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph Belanoff sold 40,000 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $85.08, for a total transaction of $3,403,200.00. Following the transaction, the chief executive officer directly owned 2,781,370 shares of the company’s stock, valued at $236,638,959.60. This represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Corcept Therapeutics Trading Up 3.1%

Shares of CORT opened at $88.15 on Monday. The stock’s 50 day moving average is $73.82 and its two-hundred day moving average is $72.33. Corcept Therapeutics Incorporated has a twelve month low of $42.01 and a twelve month high of $117.33. The firm has a market capitalization of $9.29 billion, a PE ratio of 78.01 and a beta of 0.46.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The business had revenue of $194.43 million during the quarter, compared to analysts’ expectations of $199.40 million. During the same period last year, the firm earned $0.32 EPS. The company’s quarterly revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Hedge Funds Weigh In On Corcept Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio grew its holdings in Corcept Therapeutics by 269.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company’s stock valued at $144,000 after buying an additional 2,086 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Corcept Therapeutics by 50.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,724 shares of the biotechnology company’s stock valued at $389,000 after purchasing an additional 2,578 shares during the period. Rhumbline Advisers increased its position in Corcept Therapeutics by 0.3% during the first quarter. Rhumbline Advisers now owns 201,401 shares of the biotechnology company’s stock worth $23,004,000 after purchasing an additional 565 shares during the last quarter. Merit Financial Group LLC purchased a new position in Corcept Therapeutics during the first quarter worth approximately $297,000. Finally, Eagle Rock Investment Company LLC acquired a new position in shares of Corcept Therapeutics in the 1st quarter valued at $343,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Piper Sandler lowered their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an “overweight” rating on the stock in a research note on Friday, August 1st. Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “buy” rating in a research report on Friday, September 26th. Zacks Research downgraded shares of Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 1st. Canaccord Genuity Group reissued a “buy” rating and set a $140.00 price target on shares of Corcept Therapeutics in a research note on Thursday, September 25th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Saturday, September 27th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Corcept Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $135.25.

Corcept Therapeutics Company Profile

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.