Key Points
- Corcept Therapeutics CFO Atabak Mokari sold 40,000 shares on June 15 at an average price of $81.15, totaling about $3.25 million. After the sale, he retained 16,130 shares, a 71.26% reduction in his position.
- This was not his only recent sale: Mokari also sold 40,000 shares on June 1 for about $2.8 million at an average price of $70.00.
- Analysts remain generally constructive on CORT, with several recent target-price increases and a consensus rating of “Moderate Buy,” though the company’s latest quarterly results missed earnings and revenue estimates.
Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) CFO Atabak Mokari sold 40,000 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.15, for a total transaction of $3,246,000.00. Following the completion of the sale, the chief financial officer owned 16,130 shares of the company's stock, valued at approximately $1,308,949.50. This represents a 71.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Atabak Mokari also recently made the following trade(s):
- On Monday, June 1st, Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $70.00, for a total transaction of $2,800,000.00.
Corcept Therapeutics Price Performance
Shares of CORT stock opened at $81.75 on Thursday. The stock has a market cap of $8.78 billion, a P/E ratio of 233.58 and a beta of 0.50. The company has a fifty day moving average price of $58.15 and a two-hundred day moving average price of $52.14. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $91.00.
Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). The firm had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business's revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.17 EPS. As a group, equities research analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.
Hedge Funds Weigh In On Corcept Therapeutics
A number of hedge funds have recently bought and sold shares of CORT. Royal Bank of Canada increased its position in Corcept Therapeutics by 18.9% during the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company's stock worth $1,757,000 after acquiring an additional 2,444 shares during the period. Amundi bought a new position in Corcept Therapeutics during the first quarter worth about $450,000. NewEdge Advisors LLC bought a new position in Corcept Therapeutics during the first quarter worth about $518,000. EverSource Wealth Advisors LLC increased its position in Corcept Therapeutics by 273.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company's stock worth $106,000 after acquiring an additional 1,055 shares during the period. Finally, Marshall Wace LLP increased its position in Corcept Therapeutics by 795.3% during the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company's stock worth $3,391,000 after acquiring an additional 41,040 shares during the period. 93.61% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of analysts have recently issued reports on the stock. UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a research note on Thursday, May 28th. HC Wainwright raised their target price on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Canaccord Genuity Group raised their target price 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. Zacks Research upgraded shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. Finally, Truist Financial upgraded shares of Corcept Therapeutics to a "strong-buy" rating in a research note on Monday. One equities research 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $88.83.
Check Out Our Latest Stock Analysis on Corcept Therapeutics
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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