Corcept Therapeutics (NASDAQ:CORT) Insider William Guyer Sells 3,700 Shares of Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) insider William Guyer sold 3,700 shares of Corcept Therapeutics stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $113.12, for a total value of $418,544.00. Following the sale, the insider owned 3,985 shares in the company, valued at $450,783.20. This trade represents a 48.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

William Guyer also recently made the following trade(s):

• On Tuesday, July 7th, William Guyer sold 20,000 shares of Corcept Therapeutics stock. The shares were sold at an average price of $93.13, for a total transaction of $1,862,600.00.
• On Tuesday, June 2nd, William Guyer sold 20,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $70.60, for a total transaction of $1,412,000.00.

Corcept Therapeutics Trading Down 2.5%

Shares of NASDAQ CORT opened at $107.95 on Friday. The firm has a market cap of $11.67 billion, a price-to-earnings ratio of 257.03 and a beta of 0.45. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $122.21. The stock has a fifty day simple moving average of $88.48 and a two-hundred day simple moving average of $59.01.

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

Hedge Funds Weigh In On Corcept Therapeutics

Several large investors have recently modified their holdings of the stock. Avidity Partners Management LP purchased a new stake in Corcept Therapeutics during the 4th quarter valued at $766,000. Geode Capital Management LLC raised its stake in shares of Corcept Therapeutics by 38.0% in the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock worth $92,892,000 after buying an additional 734,646 shares during the period. Norges Bank purchased a new position in Corcept Therapeutics during the fourth quarter valued at approximately $24,213,000. Jefferies Financial Group Inc. purchased a new position in shares of Corcept Therapeutics during the 4th quarter valued at $2,021,000. Finally, BOKF NA purchased a new position in shares of Corcept Therapeutics in the fourth quarter valued at about $1,061,000. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Key Stories Impacting Corcept Therapeutics

Here are the key news stories impacting Corcept Therapeutics this week:

• Positive Sentiment: Recent momentum has been supported by Corcept’s raised outlook, which helped drive the stock toward a 52-week high. The company’s latest quarterly results also showed revenue of $256.15 million, up 31.7% year over year and well above the $221.15 million consensus estimate, while adjusted EPS of $0.36 exceeded expectations by $0.34. Raised Guidance Lifts Corcept to 52-Week High
• Positive Sentiment: Analyst sentiment remains broadly favorable. HC Wainwright raised its price target to $165 and maintained a buy rating, while the overall analyst consensus is “Moderate Buy,” with an average target of $119.17. Zacks also upgraded the stock from “strong sell” to “hold.” Corcept Therapeutics analyst ratings
• Neutral Sentiment: Corcept has attracted continued institutional ownership, with institutional investors and hedge funds holding approximately 93.6% of outstanding shares. Several funds recently increased their positions, although these changes were relatively small.
• Negative Sentiment: Multiple insiders have recently sold shares after the stock’s sharp advance. Sean Maduck sold 20,305 shares for approximately $2.33 million, reducing his holdings by 67.55%; William Guyer sold 3,700 shares for about $418,544, cutting his ownership by 48.15%; and Joseph Douglas Lyon sold 1,540 shares worth $175,806, reducing his position by 21.89%. The concentration of sales may raise concerns about insider confidence or encourage profit-taking. Corcept Therapeutics insider selling
• Negative Sentiment: Valuation risk is elevated following the rally: Corcept trades at more than 250 times earnings, leaving the stock vulnerable to profit-taking and disappointment despite its strong growth. Wolfe Research remains bearish, assigning an “underperform” rating and a $50 price target.

Analyst Ratings Changes

Several equities analysts recently commented on CORT shares. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Thursday, May 28th. HC Wainwright upped their price objective on Corcept Therapeutics from $95.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Finally, Wall Street Zen raised shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently 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.