Insider Selling: Corcept Therapeutics (NASDAQ:CORT) CFO Sells $3,246,000.00 in Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CFO Atabak Mokari sold 40,000 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.15, for a total transaction of $3,246,000.00. Following the sale, the chief financial officer directly owned 16,130 shares of the company’s stock, valued at approximately $1,308,949.50. The trade was a 71.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Atabak Mokari also recently made the following trade(s):

• On Monday, June 1st, Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $70.00, for a total transaction of $2,800,000.00.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock opened at $79.91 on Friday. The firm’s 50 day moving average price is $59.68 and its 200-day moving average price is $52.34. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $91.00. The company has a market cap of $8.58 billion, a P/E ratio of 228.32 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The firm 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 was up 4.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.17 EPS. As a group, equities research analysts forecast that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CORT has been the subject of several analyst reports. HC Wainwright increased their price objective on Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. UBS Group set a $135.00 target price on Corcept Therapeutics in a research report on Thursday, May 28th. Canaccord Genuity Group increased their price target on Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Finally, Truist Financial raised Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $88.83.

Institutional Trading of Corcept Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Torren Management LLC acquired a new position in shares of Corcept Therapeutics in the fourth quarter valued at about $25,000. Advisory Services Network LLC purchased a new position in shares of Corcept Therapeutics in the third quarter worth about $25,000. Clearstead Advisors LLC lifted its holdings in shares of Corcept Therapeutics by 163.6% during the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 193 shares during the period. Atlas Capital Advisors Inc. acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth about $31,000. Finally, State of Wyoming boosted its position in Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after buying an additional 186 shares during the last quarter. Institutional investors and hedge funds 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.