Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff Sells 40,000 Shares of Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $82.86, for a total value of $3,314,400.00. Following the completion of the sale, the chief executive officer now directly owns 2,901,985 shares of the company’s stock, valued at $240,458,477.10. This trade represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Corcept Therapeutics Stock Up 0.7%

Shares of NASDAQ:CORT opened at $69.98 on Thursday. The firm has a market cap of $7.42 billion, a P/E ratio of 55.54 and a beta of 0.22. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. Corcept Therapeutics Incorporated has a 12-month low of $28.04 and a 12-month high of $117.33. The business has a fifty day simple moving average of $73.38 and a 200 day simple moving average of $63.62.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. The business had revenue of $157.21 million during the quarter, compared to analyst estimates of $177.93 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. Corcept Therapeutics’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the company earned $0.25 EPS. Analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CORT. Vanguard Group Inc. raised its position in shares of Corcept Therapeutics by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 10,115,624 shares of the biotechnology company’s stock worth $509,726,000 after acquiring an additional 109,294 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Corcept Therapeutics by 3.7% in the 1st quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company’s stock worth $453,729,000 after acquiring an additional 142,784 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Corcept Therapeutics by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,136,510 shares of the biotechnology company’s stock worth $243,708,000 after acquiring an additional 57,942 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Corcept Therapeutics by 4.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,644,942 shares of the biotechnology company’s stock worth $82,889,000 after acquiring an additional 64,321 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Corcept Therapeutics by 12.5% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company’s stock worth $69,381,000 after acquiring an additional 153,100 shares in the last quarter. 93.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Truist Financial set a $135.00 price target on Corcept Therapeutics in a report on Tuesday, May 6th. HC Wainwright lowered their target price on Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Canaccord Genuity Group increased their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a research report on Tuesday, April 1st. Piper Sandler raised their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a report on Thursday, April 3rd. Finally, Wall Street Zen downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $138.25.

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.