Key Points
- Insider Roberto Wandenkolk Vieira sold 58,333 Corcept Therapeutics shares for approximately $6.46 million at an average price of $110.76. The sale covered tax-withholding obligations tied to vested equity awards and reduced his stake by 93.22% to 4,242 shares.
- Corcept reported quarterly revenue of $256.15 million, up 31.7% year over year and above estimates, while earnings of $0.36 per share exceeded expectations of $0.02.
- Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $138.17; institutional investors own 93.61% of the company.
Corcept Therapeutics Incorporated (NASDAQ:CORT - Get Free Report) insider Roberto Wandenkolk Vieira sold 58,333 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $110.76, for a total value of $6,460,963.08. Following the completion of the sale, the insider owned 4,242 shares in the company, valued at $469,843.92. This represents a 93.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Corcept Therapeutics Stock Up 2.1%
CORT opened at $112.80 on Friday. Corcept Therapeutics Incorporated has a 12-month low of $28.66 and a 12-month high of $126.38. The business has a 50 day moving average of $103.65 and a 200-day moving average of $69.59. The stock has a market cap of $12.19 billion, a price-to-earnings ratio of 268.58 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 earnings per share 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 business had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. During the same period in the previous year, the firm earned $0.29 EPS. The firm's revenue was up 31.7% compared to the same quarter last year. As a group, analysts expect that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current year.
Wall Street Analysts Forecast Growth
CORT has been the topic of several research analyst reports. HC Wainwright increased 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. Wolfe Research downgraded shares of Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 target price for the company. in a report on Monday, July 27th. Truist Financial began coverage on shares of Corcept Therapeutics in a research note on Tuesday, August 18th. They issued a "buy" rating and a $164.00 price target on the stock. Wall Street Zen raised shares of Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 1st. Finally, Weiss Ratings upgraded shares of Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 20th. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Corcept Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $138.17.
Get Our Latest Analysis on Corcept Therapeutics
Institutional Investors Weigh In On Corcept Therapeutics
Hedge funds and other institutional investors have recently modified their holdings of the company. Advisory Services Network LLC bought a new stake in shares of Corcept Therapeutics in the third quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Corcept Therapeutics during the second quarter worth about $27,000. Atlas Capital Advisors Inc. bought a new position in Corcept Therapeutics during the fourth quarter worth about $31,000. State of Wyoming raised its stake in Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock worth $33,000 after purchasing an additional 186 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its stake in Corcept Therapeutics by 113.7% in the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company's stock worth $34,000 after purchasing an additional 524 shares in the last quarter. Institutional investors and hedge funds 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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