David Mahoney Sells 20,000 Shares of Corcept Therapeutics (NASDAQ:CORT) Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) Director David Mahoney sold 20,000 shares of Corcept Therapeutics stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total value of $1,690,600.00. Following the sale, the director owned 26,147 shares in the company, valued at $2,210,205.91. This trade represents a 43.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Corcept Therapeutics Stock Performance

CORT stock opened at $79.91 on Friday. The stock has a market cap of $8.58 billion, a P/E ratio of 228.32 and a beta of 0.50. The stock’s fifty day simple moving average is $59.68 and its two-hundred day simple moving average is $52.34. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $91.00.

Corcept Therapeutics (NASDAQ:CORT) last announced its 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). The business had revenue of $164.90 million for 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 for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.17 earnings per share. As a group, analysts forecast that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Wolfe Research upgraded shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a research report on Monday, June 15th. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research note on Thursday, May 28th. Finally, Canaccord Genuity Group lifted their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $88.83.

Institutional Investors Weigh In On Corcept Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of CORT. Pacer Advisors Inc. boosted its holdings in shares of Corcept Therapeutics by 56.8% in the first quarter. Pacer Advisors Inc. now owns 3,184 shares of the biotechnology company’s stock worth $128,000 after acquiring an additional 1,154 shares during the period. FAS Wealth Partners Inc. grew its position in shares of Corcept Therapeutics by 4.0% in the first quarter. FAS Wealth Partners Inc. now owns 322,370 shares of the biotechnology company’s stock valued at $12,995,000 after purchasing an additional 12,352 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Corcept Therapeutics by 2.5% during the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock valued at $160,329,000 after purchasing an additional 96,763 shares during the period. NewEdge Advisors LLC raised its stake in shares of Corcept Therapeutics by 727.2% during the 1st quarter. NewEdge Advisors LLC now owns 9,364 shares of the biotechnology company’s stock valued at $377,000 after purchasing an additional 8,232 shares during the period. Finally, Perceptive Advisors LLC bought a new stake in shares of Corcept Therapeutics during the 1st quarter valued at $2,016,000. Institutional investors own 93.61% of the company’s stock.

About Corcept Therapeutics

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.