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

Corcept Therapeutics Incorporated (NASDAQ:CORT) shares were down 2.6% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $30.65 and last traded at $30.74. Approximately 132,492 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,367,039 shares. The stock had previously closed at $31.56.

Specifically, insider Joseph Douglas Lyon sold 10,830 shares of Corcept Therapeutics stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $26.00, for a total value of $281,580.00. Following the completion of the transaction, the insider now owns 7,314 shares in the company, valued at approximately $190,164. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Joseph Douglas Lyon sold 10,830 shares of Corcept Therapeutics stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $26.00, for a total value of $281,580.00. Following the completion of the transaction, the insider now owns 7,314 shares in the company, valued at approximately $190,164. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $30.21, for a total value of $66,462.00. The disclosure for this sale can be found here. Insiders sold a total of 93,457 shares of company stock worth $2,655,766 in the last 90 days. Corporate insiders own 20.50% of the company’s stock.

Wall Street Analyst Weigh In

CORT has been the subject of several research reports. 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. Piper Sandler restated an “overweight” rating and issued a $35.00 price target on shares of Corcept Therapeutics in a research report on Monday. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 3rd. Finally, Truist Financial restated a “buy” rating and issued a $65.00 price target on shares of Corcept Therapeutics in a research report on Monday, June 17th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $45.10.

Corcept Therapeutics Price Performance

The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of 28.77 and a beta of 0.44. The business has a fifty day moving average of $29.07 and a 200 day moving average of $26.19.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CORT. Norden Group LLC acquired a new position in Corcept Therapeutics during the 1st quarter worth $50,081,000. Norges Bank acquired a new position in shares of Corcept Therapeutics during the fourth quarter worth about $24,603,000. Jacobs Levy Equity Management Inc. purchased a new position in Corcept Therapeutics in the first quarter worth approximately $18,426,000. Jupiter Asset Management Ltd. grew its holdings in Corcept Therapeutics by 1,149.0% during the 1st quarter. Jupiter Asset Management Ltd. now owns 744,469 shares of the biotechnology company’s stock worth $18,753,000 after acquiring an additional 684,863 shares in the last quarter. Finally, Clearbridge Investments LLC purchased a new stake in shares of Corcept Therapeutics in the 1st quarter valued at approximately $14,670,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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.