Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff Sells 40,000 Shares

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff sold 40,000 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $72.90, for a total value of $2,916,000.00. Following the transaction, the chief executive officer now owns 2,941,985 shares in the company, valued at $214,470,706.50. This trade represents a 1.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Corcept Therapeutics Price Performance

NASDAQ CORT opened at $70.46 on Thursday. Corcept Therapeutics Incorporated has a 12 month low of $23.90 and a 12 month high of $117.33. The firm has a market capitalization of $7.47 billion, a PE ratio of 55.92 and a beta of 0.22. The company’s 50 day simple moving average is $66.33 and its 200 day simple moving average is $60.48. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. The company had revenue of $157.21 million for the quarter, compared to analysts’ expectations of $177.93 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period last year, the firm earned $0.25 EPS. As a group, equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on CORT shares. Canaccord Genuity Group increased their target price on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday, April 1st. Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a report on Tuesday. Piper Sandler upped their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a report on Thursday, April 3rd. HC Wainwright reduced their price objective on Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, StockNews.com raised Corcept Therapeutics from a “hold” rating to a “buy” rating in a research report on Tuesday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $138.25.

Institutional Investors Weigh In On Corcept Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Synergy Asset Management LLC raised its holdings in shares of Corcept Therapeutics by 131.3% in the 4th quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company’s stock worth $22,369,000 after purchasing an additional 262,503 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of Corcept Therapeutics in the fourth quarter valued at $4,483,000. Burney Co. increased its holdings in shares of Corcept Therapeutics by 9.1% in the fourth quarter. Burney Co. now owns 473,821 shares of the biotechnology company’s stock valued at $23,876,000 after buying an additional 39,657 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Corcept Therapeutics by 30.7% during the 4th quarter. HighTower Advisors LLC now owns 93,677 shares of the biotechnology company’s stock valued at $4,720,000 after acquiring an additional 22,011 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Corcept Therapeutics by 43.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 253,070 shares of the biotechnology company’s stock worth $11,712,000 after acquiring an additional 76,573 shares in the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

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.