Corcept Therapeutics (NASDAQ:CORT) Insider Sells $674,056.37 in Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) insider Roberto Vieira sold 8,333 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $80.89, for a total transaction of $674,056.37. Following the completion of the sale, the insider owned 3,946 shares of the company’s stock, valued at $319,191.94. This trade represents a 67.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Roberto Wandenkolk Vieira also recently made the following trade(s):

• On Friday, October 2nd, Roberto Vieira sold 8,333 shares of Corcept Therapeutics stock. The shares were sold at an average price of $116.10, for a total value of $967,461.30.
• On Wednesday, September 16th, Roberto Vieira sold 296 shares of Corcept Therapeutics stock. The stock was sold at an average price of $100.82, for a total value of $29,842.72.
• On Wednesday, September 2nd, Roberto Vieira sold 58,333 shares of Corcept Therapeutics stock. The stock was sold at an average price of $110.76, for a total value of $6,460,963.08.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded down $2.71 during trading on Wednesday, reaching $79.22. The stock had a trading volume of 2,195,641 shares, compared to its average volume of 998,273. The company has a market cap of $8.56 billion, a P/E ratio of 64.51 and a beta of 0.54. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $126.38. The business’s 50-day moving average price is $109.43 and its 200-day moving average price is $75.28.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Tuesday, November 3rd. The biotechnology company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.22. The company had revenue of $340.47 million during the quarter, compared to analysts’ expectations of $336.37 million. Corcept Therapeutics had a return on equity of 24.00% and a net margin of 16.53%. Corcept Therapeutics’s revenue for the quarter was up 64.0% on a year-over-year basis. During the same period last year, the business posted $0.16 EPS. Analysts forecast that Corcept Therapeutics Incorporated will post 1.83 EPS for the current fiscal year.

Trending Headlines about Corcept Therapeutics

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

• Positive Sentiment: Q3 revenue rose 64% year over year to $340.5 million, topping the $336.4 million consensus estimate. Earnings of $1.01 per share also beat the $0.79 estimate. Stronger Korlym sales and growing Lifyorli uptake helped drive the results. Article: CORT’s Q3 Earnings Beat
• Positive Sentiment: Piper Sandler reaffirmed its “overweight” rating and raised its price target to $173 from $165, signaling confidence in the company’s prospects. Article: Piper Sandler stock recommendations
• Neutral Sentiment: Corcept is awaiting a December 17 FDA decision on relacorilant and has projected $3 billion to $5 billion in Cushing’s syndrome revenue by 2030. The decision and longer-term sales target could be meaningful catalysts, but depend on regulatory and commercial success. Article: Corcept’s relacorilant decision and revenue target
• Negative Sentiment: Despite the earnings and revenue beats, shares sold off as investors reacted to company guidance, which appeared to disappoint or fall short of expectations. That forward-looking concern outweighed the strong quarterly results. Article: Corcept falls on guidance despite earnings beat

Wall Street Analyst Weigh In

Several brokerages have weighed in on CORT. HC Wainwright restated a “buy” rating and set a $165.00 price target on shares of Corcept Therapeutics in a report on Friday, September 18th. Wall Street Zen raised Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Canaccord Genuity Group raised their target price on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Zacks Research downgraded shares of Corcept Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 27th. Finally, Weiss Ratings upgraded shares of Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, September 24th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $139.50.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. New York Life Investment Management LLC acquired a new position in Corcept Therapeutics during the third quarter worth approximately $294,000. AlphaCore Capital LLC acquired a new stake in shares of Corcept Therapeutics in the third quarter valued at approximately $390,000. Retirement Systems of Alabama acquired a new stake in shares of Corcept Therapeutics in the third quarter valued at approximately $11,306,000. Fulcrum Asset Management LLP boosted its holdings in shares of Corcept Therapeutics by 520.7% in the third quarter. Fulcrum Asset Management LLP now owns 571 shares of the biotechnology company’s stock valued at $66,000 after acquiring an additional 479 shares during the period. Finally, Brighton Jones LLC grew its position in shares of Corcept Therapeutics by 51.9% during the third quarter. Brighton Jones LLC now owns 11,335 shares of the biotechnology company’s stock worth $1,306,000 after acquiring an additional 3,872 shares during the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

About Corcept Therapeutics

Corcept Therapeutics Incorporated (NASDAQ:CORT) is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept’s primary marketed product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.