Key Points
- Insider sale: Sean Maduck sold 25,000 shares of Corcept Therapeutics at an average price of $70.21, generating about $1.76 million and reducing his stake by 73.58%. The filing says the sale was made to cover tax withholding obligations tied to vested equity awards.
- Recent insider activity: Maduck also sold 75,000 shares on May 27 for about $4.92 million, indicating a series of large insider dispositions in late May and early June.
- Stock and fundamentals: CORT was up 2.0% to $72.65, near its 1-year high of $91.00. Corcept recently reported a quarterly EPS loss of $0.30, missing estimates, while analysts currently rate the stock a Moderate Buy with an average target price of $88.83.
Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider Sean Maduck sold 25,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $70.21, for a total transaction of $1,755,250.00. Following the completion of the transaction, the insider owned 8,977 shares in the company, valued at $630,275.17. This trade represents a 73.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Sean Maduck also recently made the following trade(s):
- On Wednesday, May 27th, Sean Maduck sold 75,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $65.59, for a total transaction of $4,919,250.00.
Corcept Therapeutics Trading Up 2.0%
CORT opened at $72.65 on Thursday. The firm's 50 day simple moving average is $50.26 and its two-hundred day simple moving average is $52.01. The company has a market capitalization of $7.80 billion, a PE ratio of 207.58 and a beta of 0.50. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $91.00.
Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). The business had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company's revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 EPS. Equities analysts forecast that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of brokerages have commented on CORT. Wolfe Research upgraded Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a report on Thursday, May 28th. Truist Financial raised shares of Corcept Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. HC Wainwright upped their price target on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Canaccord Genuity Group increased their price objective on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $88.83.
Check Out Our Latest Stock Analysis on CORT
Institutional Trading of Corcept Therapeutics
Institutional investors have recently made changes to their positions in the business. Pathstone Holdings LLC lifted its holdings in shares of Corcept Therapeutics by 0.8% in the 3rd quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company's stock valued at $1,497,000 after acquiring an additional 144 shares during the last quarter. State of Wyoming raised its position in Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock valued at $33,000 after purchasing an additional 186 shares during the period. Clearstead Advisors LLC raised its position in Corcept Therapeutics by 163.6% during the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company's stock valued at $26,000 after purchasing an additional 193 shares during the period. Gould Capital LLC lifted its stake in shares of Corcept Therapeutics by 50.0% in the 3rd quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock valued at $50,000 after purchasing an additional 200 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its holdings in shares of Corcept Therapeutics by 3.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company's stock worth $240,000 after purchasing an additional 247 shares during the period. Hedge funds and other institutional investors own 93.61% of the company's stock.
About Corcept Therapeutics
(
Get Free Report)
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.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
