Key Points
- Insider selling: William Guyer sold 3,700 Corcept Therapeutics shares for approximately $418,544, reducing his position by 48.15%. He had also sold 20,000 shares in both June and July.
- Strong quarterly performance: Corcept reported $256.15 million in revenue, up 31.7% year over year and above estimates, while EPS of $0.36 exceeded consensus by $0.34.
- Mixed outlook: Analysts have a “Moderate Buy” consensus and an average price target of $119.17, but the stock’s valuation above 250 times earnings and a Wolfe Research $50 price target highlight significant downside risk.
Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider William Guyer sold 3,700 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $113.12, for a total transaction of $418,544.00. Following the transaction, the insider owned 3,985 shares of the company's stock, valued at approximately $450,783.20. This represents a 48.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
William Guyer also recently made the following trade(s):
- On Tuesday, July 7th, William Guyer sold 20,000 shares of Corcept Therapeutics stock. The shares were 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 shares were sold at an average price of $70.60, for a total transaction of $1,412,000.00.
Corcept Therapeutics Stock Down 2.5%
Shares of CORT stock opened at $107.95 on Friday. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $122.21. The company's fifty day simple moving average is $88.48 and its two-hundred day simple moving average is $59.01. The stock has a market cap of $11.67 billion, a P/E ratio of 257.03 and a beta of 0.45.
Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The company had revenue of $256.15 million for the quarter, compared to the consensus estimate of $221.15 million. During the same period in the previous year, the business earned $0.29 earnings per share. The firm's revenue for the quarter was up 31.7% on a year-over-year basis. On average, analysts anticipate that Corcept Therapeutics Incorporated will post 1.13 EPS for the current fiscal year.
More Corcept Therapeutics News
Here are the key news stories impacting Corcept Therapeutics this week:
- Positive Sentiment: Recent momentum has been supported by Corcept’s raised outlook, which helped drive the stock toward a 52-week high. The company’s latest quarterly results also showed revenue of $256.15 million, up 31.7% year over year and well above the $221.15 million consensus estimate, while adjusted EPS of $0.36 exceeded expectations by $0.34. Raised Guidance Lifts Corcept to 52-Week High
- Positive Sentiment: Analyst sentiment remains broadly favorable. HC Wainwright raised its price target to $165 and maintained a buy rating, while the overall analyst consensus is “Moderate Buy,” with an average target of $119.17. Zacks also upgraded the stock from “strong sell” to “hold.” Corcept Therapeutics analyst ratings
- Neutral Sentiment: Corcept has attracted continued institutional ownership, with institutional investors and hedge funds holding approximately 93.6% of outstanding shares. Several funds recently increased their positions, although these changes were relatively small.
- Negative Sentiment: Multiple insiders have recently sold shares after the stock’s sharp advance. Sean Maduck sold 20,305 shares for approximately $2.33 million, reducing his holdings by 67.55%; William Guyer sold 3,700 shares for about $418,544, cutting his ownership by 48.15%; and Joseph Douglas Lyon sold 1,540 shares worth $175,806, reducing his position by 21.89%. The concentration of sales may raise concerns about insider confidence or encourage profit-taking. Corcept Therapeutics insider selling
- Negative Sentiment: Valuation risk is elevated following the rally: Corcept trades at more than 250 times earnings, leaving the stock vulnerable to profit-taking and disappointment despite its strong growth. Wolfe Research remains bearish, assigning an “underperform” rating and a $50 price target.
Analyst Ratings Changes
Several analysts have recently issued reports on the company. Wolfe Research cut Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective on the stock. in a report on Monday, July 27th. HC Wainwright boosted their price objective on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Piper Sandler reaffirmed 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. Finally, Canaccord Genuity Group lifted their target price on Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.17.
View Our Latest Stock Report on Corcept Therapeutics
Hedge Funds Weigh In On Corcept Therapeutics
Several institutional investors and hedge funds have recently bought and sold shares of CORT. Avidity Partners Management LP purchased a new stake in shares of Corcept Therapeutics during the 4th quarter valued at $766,000. Geode Capital Management LLC increased its position in Corcept Therapeutics by 38.0% during the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company's stock valued at $92,892,000 after buying an additional 734,646 shares in the last quarter. Norges Bank acquired a new position in Corcept Therapeutics during the 4th quarter valued at about $24,213,000. Jefferies Financial Group Inc. purchased a new stake in Corcept Therapeutics in the fourth quarter valued at about $2,021,000. Finally, BOKF NA acquired a new stake in Corcept Therapeutics in the fourth quarter worth about $1,061,000. 93.61% of the stock is owned by hedge funds and other institutional investors.
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].
