Key Points
- Director James Wilson sold 10,000 Corcept Therapeutics shares on June 16 at an average price of $83.20, totaling about $832,000. After the sale, he still owned more than 1.09 million shares.
- The stock slipped 2.3% and was trading at $79.91, near its 52-week high of $91.00. Corcept’s shares have also rallied well above both its 50-day and 200-day moving averages.
- Corcept is drawing mixed signals: the company recently resubmitted its relacorilant NDA for Cushing’s syndrome, while analyst sentiment remains “Moderate Buy” with an average price target of $88.83. At the same time, recent insider sales by multiple executives have raised attention.
Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) Director James Wilson sold 10,000 shares of the firm's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $83.20, for a total value of $832,000.00. Following the completion of the sale, the director owned 1,094,543 shares of the company's stock, valued at approximately $91,065,977.60. This represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Corcept Therapeutics Stock Down 2.3%
NASDAQ CORT opened at $79.91 on Friday. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $91.00. The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of 228.32 and a beta of 0.50. The company has a fifty day moving average of $58.92 and a two-hundred day moving average of $52.14.
Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The firm had revenue of $164.90 million during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the company posted $0.17 EPS. Equities research analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.
Key Headlines Impacting Corcept Therapeutics
Here are the key news stories impacting Corcept Therapeutics this week:
- Positive Sentiment: Corcept resubmitted its New Drug Application for relacorilant to the FDA for treating patients with Cushing’s syndrome, a key step that could move the drug closer to approval and expand the company’s commercial pipeline. Article Title
- Neutral Sentiment: Analyst sentiment remains generally constructive, with several firms maintaining or raising price targets and the stock still carrying a “Moderate Buy” consensus rating. Article Title
- Negative Sentiment: CFO Atabak Mokari sold 40,000 shares, cutting his stake by more than 71%, which may have raised concerns about insider confidence. Article Title
- Negative Sentiment: Director David L. Mahoney sold 20,000 shares, reducing his position by about 43%, adding to the recent wave of insider selling pressure. Article Title
- Negative Sentiment: Director James N. Wilson also sold 10,000 shares, reinforcing the market’s focus on insider disposition activity. Article Title
Wall Street Analyst Weigh In
CORT has been the topic of several recent analyst reports. HC Wainwright increased their price target on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Wolfe Research raised Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. Piper Sandler increased their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. UBS Group set a $135.00 target price on Corcept Therapeutics in a research note on Thursday, May 28th. Finally, Truist Financial upgraded Corcept Therapeutics to a "strong-buy" rating in a research report on Monday. One investment 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's stock. According to data from MarketBeat.com, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $88.83.
Get Our Latest Research Report on Corcept Therapeutics
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the business. Torren Management LLC bought a new stake in shares of Corcept Therapeutics in the 4th quarter valued at about $25,000. Advisory Services Network LLC purchased a new stake in Corcept Therapeutics in the third quarter valued at about $25,000. Clearstead Advisors LLC boosted its stake in Corcept Therapeutics by 163.6% in the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company's stock worth $26,000 after purchasing an additional 193 shares in the last quarter. Atlas Capital Advisors Inc. acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth $31,000. Finally, State of Wyoming grew its stake in Corcept Therapeutics by 29.5% during the 1st 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 last quarter. 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.
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