Key Points
- Corcept Therapeutics insider William Guyer sold 20,000 shares on June 2 at an average price of $70.60, totaling about $1.41 million. After the sale, he held 3,985 shares, an 83.39% reduction in his position.
- This was part of a broader pattern of insider selling by Guyer, who also sold 20,000 shares in May and April, plus 11,767 shares in March.
- CORT shares were up 3.1% and opened at $74.89, while analysts currently rate the stock a Moderate Buy with a consensus target price of $88.83 despite the company’s recent quarterly earnings miss.
Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider William Guyer sold 20,000 shares of the business's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $70.60, for a total value of $1,412,000.00. Following the completion of the sale, the insider directly owned 3,985 shares in the company, valued at approximately $281,341. This represents a 83.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
William Guyer also recently made the following trade(s):
- On Tuesday, May 5th, William Guyer sold 20,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $51.83, for a total value of $1,036,600.00.
- On Tuesday, April 7th, William Guyer sold 20,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $40.97, for a total value of $819,400.00.
- On Friday, March 20th, William Guyer sold 11,767 shares of Corcept Therapeutics stock. The shares were sold at an average price of $36.01, for a total transaction of $423,729.67.
Corcept Therapeutics Stock Up 3.1%
Shares of CORT stock opened at $74.89 on Friday. Corcept Therapeutics Incorporated has a 12-month low of $28.66 and a 12-month high of $91.00. The company has a market capitalization of $8.04 billion, a P/E ratio of 213.98 and a beta of 0.50. The firm has a 50-day moving average price of $51.08 and a 200 day moving average price of $52.00.
Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The firm had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. During the same period in the prior year, the business earned $0.17 earnings per share. The company's revenue for the quarter was up 4.9% on a year-over-year basis. As a group, research analysts expect that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.
Hedge Funds Weigh In On Corcept Therapeutics
Several large investors have recently made changes to their positions in the company. Pathstone Holdings LLC increased its position in shares of Corcept Therapeutics by 0.8% during the 3rd quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company's stock worth $1,497,000 after purchasing an additional 144 shares during the last quarter. State of Wyoming boosted its holdings in shares of Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock valued at $33,000 after buying an additional 186 shares during the last quarter. Clearstead Advisors LLC boosted its holdings in shares of Corcept Therapeutics by 163.6% in the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company's stock valued at $26,000 after buying an additional 193 shares during the last quarter. Gould Capital LLC grew its stake in shares of Corcept Therapeutics by 50.0% in the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock valued at $50,000 after buying an additional 200 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its stake in shares of Corcept Therapeutics by 3.7% in the fourth quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company's stock valued at $240,000 after buying an additional 247 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the stock. Canaccord Genuity Group lifted their target price on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Zacks Research upgraded Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. Piper Sandler increased their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Truist Financial upgraded Corcept Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. Finally, Wolfe Research upgraded Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a report on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.83.
Check Out Our Latest Analysis on CORT
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.
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