Atabak Mokari Sells 80,000 Shares of Corcept Therapeutics (NASDAQ:CORT) Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CFO Atabak Mokari sold 80,000 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $114.71, for a total transaction of $9,176,800.00. Following the completion of the sale, the chief financial officer directly owned 16,130 shares in the company, valued at approximately $1,850,272.30. This represents a 83.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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

• On Monday, June 15th, Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $81.15, for a total transaction of $3,246,000.00.
• On Monday, June 1st, Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $70.00, for a total transaction of $2,800,000.00.

Corcept Therapeutics Trading Down 2.7%

Shares of NASDAQ:CORT opened at $109.80 on Wednesday. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $122.21. The company has a market capitalization of $11.87 billion, a price-to-earnings ratio of 261.43 and a beta of 0.45. The firm’s 50-day moving average is $86.81 and its 200 day moving average is $57.96.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business had revenue of $256.15 million during the quarter, compared to the consensus estimate of $221.15 million. During the same quarter last year, the firm earned $0.29 earnings per share. The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. As a group, equities analysts forecast that Corcept Therapeutics Incorporated will post 1.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Corcept Therapeutics

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased 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 buying an additional 2,444 shares during the period. Amundi purchased a new stake in Corcept Therapeutics in the first quarter worth about $450,000. NewEdge Advisors LLC bought a new position in Corcept Therapeutics during the 1st quarter worth about $518,000. EverSource Wealth Advisors LLC increased its position in Corcept Therapeutics by 273.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock valued at $106,000 after purchasing an additional 1,055 shares during the period. Finally, Marshall Wace LLP increased its position in Corcept Therapeutics by 795.3% during the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock valued at $3,391,000 after purchasing an additional 41,040 shares during the period. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Canaccord Genuity Group boosted their price objective on Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. UBS Group set a $135.00 target price on Corcept Therapeutics in a research note on Thursday, May 28th. Wall Street Zen upgraded Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Saturday. Wolfe Research lowered 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 research note on Monday, July 27th. Finally, Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $119.17.

Corcept Therapeutics Company Profile

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.