Insider Selling: Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Sells 35,102 Shares of Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff sold 35,102 shares of the stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $94.72, for a total transaction of $3,324,861.44. Following the completion of the transaction, the chief executive officer now directly owns 2,982,335 shares of the company’s stock, valued at $282,486,771.20. This trade represents a 1.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Corcept Therapeutics Price Performance

Shares of CORT stock opened at $83.81 on Thursday. Corcept Therapeutics Incorporated has a 52 week low of $20.84 and a 52 week high of $117.33. The stock has a market capitalization of $8.84 billion, a PE ratio of 66.52 and a beta of 0.14. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The stock’s fifty day moving average is $64.18 and its 200-day moving average is $55.87.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company had revenue of $181.89 million for the quarter, compared to the consensus estimate of $200.12 million. Equities research analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Canaccord Genuity Group increased their target price on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday. StockNews.com lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Piper Sandler boosted their target price 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. HC Wainwright upped their target price on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Monday. Finally, Truist Financial lifted their price target on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $130.00.

Institutional Trading of Corcept Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of CORT. The Manufacturers Life Insurance Company boosted its position in Corcept Therapeutics by 4.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 50,996 shares of the biotechnology company’s stock valued at $2,360,000 after buying an additional 2,216 shares during the last quarter. FMR LLC lifted its stake in shares of Corcept Therapeutics by 24.6% during the third quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock valued at $63,122,000 after acquiring an additional 269,074 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in Corcept Therapeutics by 40.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,223,781 shares of the biotechnology company’s stock valued at $56,637,000 after acquiring an additional 352,947 shares during the last quarter. Stifel Financial Corp boosted its holdings in Corcept Therapeutics by 30.0% in the third quarter. Stifel Financial Corp now owns 88,967 shares of the biotechnology company’s stock valued at $4,117,000 after acquiring an additional 20,546 shares during the last quarter. Finally, State Street Corp increased its position in Corcept Therapeutics by 0.6% in the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock worth $162,871,000 after purchasing an additional 19,893 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

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.