Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff Sells 35,102 Shares

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff sold 35,102 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $94.72, for a total transaction of $3,324,861.44. Following the transaction, the chief executive officer now owns 2,982,335 shares in the company, valued at approximately $282,486,771.20. This trade represents a 1.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Corcept Therapeutics Trading Down 8.8 %

Corcept Therapeutics stock opened at $83.81 on Thursday. Corcept Therapeutics Incorporated has a 52 week low of $20.84 and a 52 week high of $117.33. 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 firm has a market capitalization of $8.84 billion, a PE ratio of 66.52 and a beta of 0.14. The business’s 50-day simple moving average is $64.18 and its 200-day simple moving average is $55.87.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 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 business had revenue of $181.89 million during the quarter, compared to the consensus estimate of $200.12 million. Equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On Corcept Therapeutics

Large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its position in Corcept Therapeutics by 4.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 50,996 shares of the biotechnology company’s stock worth $2,360,000 after purchasing an additional 2,216 shares during the last quarter. FMR LLC lifted its stake in shares of Corcept Therapeutics by 24.6% in the third quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock valued at $63,122,000 after buying an additional 269,074 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Corcept Therapeutics by 40.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,223,781 shares of the biotechnology company’s stock valued at $56,637,000 after acquiring an additional 352,947 shares during the period. Stifel Financial Corp raised its holdings in Corcept Therapeutics by 30.0% in the 3rd quarter. Stifel Financial Corp now owns 88,967 shares of the biotechnology company’s stock valued at $4,117,000 after acquiring an additional 20,546 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Corcept Therapeutics by 0.6% in 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 during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CORT. Canaccord Genuity Group upped their price objective on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday. HC Wainwright upped their price target on Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday. Truist Financial increased their price objective on Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a report on Monday. StockNews.com lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, Piper Sandler increased their price target on Corcept Therapeutics from $67.00 to $78.00 and gave the company an “overweight” rating in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Corcept Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $130.00.

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.