Corcept Therapeutics (NASDAQ:CORT) CEO Sells $3,190,800.00 in Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction on Monday, December 1st. The stock was sold at an average price of $79.77, for a total transaction of $3,190,800.00. Following the sale, the chief executive officer directly owned 2,701,370 shares in the company, valued at approximately $215,488,284.90. This trade represents a 1.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Corcept Therapeutics Trading Up 3.6%

CORT stock traded up $2.91 during midday trading on Wednesday, hitting $83.67. 724,473 shares of the company’s stock were exchanged, compared to its average volume of 1,162,971. The company has a current ratio of 3.14, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $8.80 billion, a PE ratio of 95.08 and a beta of 0.20. The business has a 50-day simple moving average of $78.19 and a two-hundred day simple moving average of $74.32. Corcept Therapeutics Incorporated has a 1-year low of $49.00 and a 1-year high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The business had revenue of $207.64 million for the quarter, compared to analysts’ expectations of $223.78 million. Corcept Therapeutics had a return on equity of 15.99% and a net margin of 14.19%.The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. On average, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Corcept Therapeutics

Several large investors have recently added to or reduced their stakes in CORT. Swiss Life Asset Management Ltd acquired a new stake in shares of Corcept Therapeutics during the third quarter worth approximately $376,000. JPMorgan Chase & Co. grew its position in Corcept Therapeutics by 223.4% in the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock valued at $70,632,000 after purchasing an additional 587,053 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in shares of Corcept Therapeutics by 128.5% in the third quarter. CIBC Private Wealth Group LLC now owns 770 shares of the biotechnology company’s stock valued at $64,000 after purchasing an additional 433 shares during the last quarter. Coldstream Capital Management Inc. acquired a new stake in Corcept Therapeutics during the third quarter worth about $242,000. Finally, Danske Bank A S bought a new stake in shares of Corcept Therapeutics during the third quarter worth $1,335,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CORT. Zacks Research downgraded shares of Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 1st. Weiss Ratings restated a “hold (c)” rating on shares of Corcept Therapeutics in a report on Monday. Wolfe Research assumed coverage on shares of Corcept Therapeutics in a report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. HC Wainwright reiterated a “buy” rating and issued a $145.00 target price on shares of Corcept Therapeutics in a research note on Tuesday, November 25th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $140.00 target price on shares of Corcept Therapeutics in a research note on Thursday, September 25th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” 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.