Atabak Mokari Sells 40,000 Shares of Corcept Therapeutics (NASDAQ:CORT) Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CFO Atabak Mokari sold 40,000 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $70.00, for a total value of $2,800,000.00. Following the completion of the transaction, the chief financial officer owned 15,257 shares of the company’s stock, valued at $1,067,990. The trade was a 72.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Corcept Therapeutics Price Performance

Shares of NASDAQ:CORT opened at $74.89 on Friday. The business’s fifty day moving average price is $51.08 and its two-hundred day moving average price is $52.00. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $91.00. The stock has a market capitalization of $8.04 billion, a price-to-earnings ratio of 213.98 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. During the same quarter last year, the company earned $0.17 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. Research analysts expect that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Corcept Therapeutics

Several large investors have recently made changes to their positions in CORT. Royal Bank of Canada lifted its stake in shares of Corcept Therapeutics by 18.9% during the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock valued at $1,757,000 after acquiring an additional 2,444 shares during the period. Amundi acquired a new position in shares of Corcept Therapeutics during the first quarter valued at $450,000. NewEdge Advisors LLC acquired a new position in shares of Corcept Therapeutics during the first quarter valued at $518,000. EverSource Wealth Advisors LLC lifted its stake in shares of Corcept Therapeutics by 273.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock valued at $106,000 after acquiring an additional 1,055 shares during the period. Finally, Marshall Wace LLP lifted its stake in shares of Corcept Therapeutics by 795.3% during the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock valued at $3,391,000 after acquiring an additional 41,040 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CORT. Wolfe Research upgraded Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. UBS Group set a $135.00 target price on Corcept Therapeutics in a report on Thursday, May 28th. Finally, Canaccord Genuity Group increased their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Corcept Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.83.

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.