Insider Selling: Corcept Therapeutics (NASDAQ:CORT) Insider Sells 16,300 Shares

Corcept Therapeutics Incorporated (NASDAQ:CORT) insider William Guyer sold 16,300 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $113.43, for a total transaction of $1,848,909.00. Following the sale, the insider owned 3,985 shares in the company, valued at approximately $452,018.55. This trade represents a 80.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

William Guyer also recently made the following trade(s):

• On Tuesday, August 4th, William Guyer sold 3,700 shares of Corcept Therapeutics stock. The shares were sold at an average price of $113.12, for a total transaction of $418,544.00.
• On Tuesday, July 7th, William Guyer sold 20,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $93.13, for a total transaction of $1,862,600.00.
• On Tuesday, June 2nd, William Guyer sold 20,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $70.60, for a total value of $1,412,000.00.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT traded up $0.32 during mid-day trading on Wednesday, hitting $112.18. The company had a trading volume of 648,478 shares, compared to its average volume of 1,572,994. The company has a market capitalization of $12.13 billion, a PE ratio of 267.10 and a beta of 0.45. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $122.21. The business’s 50-day simple moving average is $91.00 and its 200 day simple moving average is $60.63.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The firm had revenue of $256.15 million during the quarter, compared to analysts’ expectations of $221.15 million. During the same period in the previous year, the firm posted $0.29 EPS. Corcept Therapeutics’s revenue for the quarter was up 31.7% on a year-over-year basis. On average, analysts expect that Corcept Therapeutics Incorporated will post 1.13 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. HC Wainwright boosted their price objective on Corcept Therapeutics from $95.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Canaccord Genuity Group raised their target price on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Piper Sandler reiterated an “overweight” rating and issued a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 1st. Finally, Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $119.17.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Torren Management LLC purchased a new stake in Corcept Therapeutics during the fourth quarter worth approximately $25,000. Advisory Services Network LLC purchased a new position in Corcept Therapeutics in the third quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Corcept Therapeutics in the second quarter valued at approximately $27,000. Atlas Capital Advisors Inc. acquired a new stake in Corcept Therapeutics during the fourth quarter worth approximately $31,000. Finally, State of Wyoming raised its holdings in Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

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.