Corcept Therapeutics (NASDAQ:CORT) Trading Down 2.6% After Insider Selling

Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) traded down 2.6% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $30.65 and last traded at $30.74. 132,492 shares were traded during trading, a decline of 90% from the average session volume of 1,367,039 shares. The stock had previously closed at $31.56.

Specifically, insider Sean Maduck sold 50,000 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $28.00, for a total transaction of $1,400,000.00. Following the transaction, the insider now directly owns 85,222 shares in the company, valued at approximately $2,386,216. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $30.21, for a total value of $66,462.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sean Maduck sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $28.00, for a total transaction of $1,400,000.00. Following the completion of the transaction, the insider now owns 85,222 shares in the company, valued at approximately $2,386,216. The disclosure for this sale can be found here. Insiders have sold 93,457 shares of company stock valued at $2,655,766 in the last ninety days. Insiders own 20.50% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Piper Sandler reiterated an “overweight” rating and set a $35.00 price objective on shares of Corcept Therapeutics in a research note on Monday. HC Wainwright reiterated a “buy” rating and set a $40.00 price objective on shares of Corcept Therapeutics in a research note on Wednesday, May 29th. Truist Financial reiterated a “buy” rating and set a $65.00 price objective on shares of Corcept Therapeutics in a research note on Monday, June 17th. Finally, StockNews.com lowered shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 3rd. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Corcept Therapeutics has an average rating of “Buy” and an average price target of $45.10.

Corcept Therapeutics Price Performance

The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 28.77 and a beta of 0.44. The business’s 50-day moving average price is $29.07 and its two-hundred day moving average price is $26.19.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Wednesday, May 1st. The biotechnology company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.04. Corcept Therapeutics had a net margin of 22.38% and a return on equity of 24.19%. The business had revenue of $146.80 million during the quarter, compared to the consensus estimate of $141.19 million. During the same quarter last year, the company earned $0.14 earnings per share. The business’s quarterly revenue was up 38.9% compared to the same quarter last year. Equities analysts predict that Corcept Therapeutics Incorporated will post 0.95 earnings per share for the current fiscal year.

Institutional Trading of Corcept Therapeutics

Hedge funds have recently made changes to their positions in the stock. Natixis Advisors L.P. boosted its holdings in Corcept Therapeutics by 26.1% in the third quarter. Natixis Advisors L.P. now owns 23,793 shares of the biotechnology company’s stock worth $648,000 after purchasing an additional 4,921 shares during the period. Lazard Asset Management LLC boosted its holdings in Corcept Therapeutics by 2,145.5% in the third quarter. Lazard Asset Management LLC now owns 28,405 shares of the biotechnology company’s stock worth $773,000 after purchasing an additional 27,140 shares during the period. Alps Advisors Inc. boosted its holdings in Corcept Therapeutics by 1.4% in the third quarter. Alps Advisors Inc. now owns 75,705 shares of the biotechnology company’s stock worth $2,063,000 after purchasing an additional 1,041 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in Corcept Therapeutics by 1,313.8% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 4,312 shares of the biotechnology company’s stock worth $140,000 after purchasing an additional 4,007 shares during the period. Finally, Exchange Traded Concepts LLC boosted its holdings in Corcept Therapeutics by 1.5% in the fourth quarter. Exchange Traded Concepts LLC now owns 44,448 shares of the biotechnology company’s stock worth $1,444,000 after purchasing an additional 641 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

About Corcept Therapeutics

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.