Insider Selling: Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Sells 2,924 Shares of Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff sold 2,924 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.91, for a total value of $178,100.84. Following the completion of the sale, the chief executive officer now owns 3,019,411 shares of the company’s stock, valued at $183,912,324.01. The trade was a 0.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Corcept Therapeutics Stock Down 5.2 %

NASDAQ:CORT traded down $3.08 on Tuesday, hitting $55.99. The stock had a trading volume of 1,889,312 shares, compared to its average volume of 1,005,169. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The stock has a market cap of $5.91 billion, a P/E ratio of 44.44 and a beta of 0.58. Corcept Therapeutics Incorporated has a 1 year low of $20.84 and a 1 year high of $75.00. The firm’s fifty day simple moving average is $60.12 and its two-hundred day simple moving average is $51.82.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.11). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company had revenue of $181.89 million for the quarter, compared to analysts’ expectations of $200.12 million. Analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Creative Planning boosted its holdings in Corcept Therapeutics by 7.2% in the 3rd quarter. Creative Planning now owns 12,467 shares of the biotechnology company’s stock valued at $577,000 after purchasing an additional 841 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in Corcept Therapeutics in the third quarter worth $238,000. Nisa Investment Advisors LLC raised its stake in shares of Corcept Therapeutics by 83.5% during the third quarter. Nisa Investment Advisors LLC now owns 9,851 shares of the biotechnology company’s stock valued at $456,000 after acquiring an additional 4,483 shares during the last quarter. US Bancorp DE raised its stake in shares of Corcept Therapeutics by 162.2% during the third quarter. US Bancorp DE now owns 19,683 shares of the biotechnology company’s stock valued at $911,000 after acquiring an additional 12,177 shares during the last quarter. Finally, QRG Capital Management Inc. raised its stake in Corcept Therapeutics by 8.0% in the third quarter. QRG Capital Management Inc. now owns 90,202 shares of the biotechnology company’s stock worth $4,175,000 after buying an additional 6,691 shares in the last quarter. 93.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on CORT shares. StockNews.com downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday. Piper Sandler increased their price objective on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. Canaccord Genuity Group increased their price objective on shares of Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $115.00 price target on shares of Corcept Therapeutics in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.75.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.