Insider Selling: Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Sells $120,078.42 in Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff sold 1,974 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $60.83, for a total value of $120,078.42. Following the completion of the sale, the chief executive officer now directly owns 3,017,437 shares of the company’s stock, valued at $183,550,692.71. The trade was a 0.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Corcept Therapeutics Stock Down 3.6 %

CORT stock opened at $54.63 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The firm’s fifty day simple moving average is $61.89 and its 200-day simple moving average is $54.47. Corcept Therapeutics Incorporated has a 12 month low of $20.84 and a 12 month high of $75.00. The company has a market capitalization of $5.76 billion, a P/E ratio of 43.36 and a beta of 0.61.

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Synergy Asset Management LLC increased its holdings in shares of Corcept Therapeutics by 131.3% during the 4th quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company’s stock valued at $22,369,000 after purchasing an additional 262,503 shares in the last quarter. Van ECK Associates Corp acquired a new position in shares of Corcept Therapeutics in the fourth quarter worth about $4,483,000. State Street Corp boosted its stake in shares of Corcept Therapeutics by 0.6% during the 3rd quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock worth $162,871,000 after acquiring an additional 19,893 shares in the last quarter. Burney Co. grew its position in shares of Corcept Therapeutics by 9.1% during the 4th quarter. Burney Co. now owns 473,821 shares of the biotechnology company’s stock valued at $23,876,000 after acquiring an additional 39,657 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Corcept Therapeutics by 43.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 253,070 shares of the biotechnology company’s stock valued at $11,712,000 after purchasing an additional 76,573 shares in the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Piper Sandler raised their price target on Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. Canaccord Genuity Group boosted their target price 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. StockNews.com cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, HC Wainwright reissued a “buy” rating and set a $115.00 price objective on shares of Corcept Therapeutics in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Corcept Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target 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.