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

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff sold 35,102 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 2,982,335 shares of the company’s stock, valued at $282,486,771.20. This represents a 1.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Corcept Therapeutics Trading Down 6.2 %

Shares of NASDAQ CORT opened at $74.45 on Friday. The business has a 50 day simple moving average of $64.81 and a 200 day simple moving average of $56.28. Corcept Therapeutics Incorporated has a 52 week low of $20.84 and a 52 week high of $117.33. The stock has a market cap of $7.85 billion, a price-to-earnings ratio of 59.09 and a beta of 0.14. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70.

Corcept Therapeutics (NASDAQ:CORT) last announced 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 for the quarter, compared to analyst estimates of $200.12 million. On average, research analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Piper Sandler raised their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an “overweight” rating in a research report on Thursday. Truist Financial lifted their target price on Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, March 31st. Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a research report on Tuesday. HC Wainwright boosted their price objective on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, March 31st. Finally, StockNews.com lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. One 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, the stock has a consensus rating of “Moderate Buy” and an average target price of $143.25.

Institutional Trading of Corcept Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in CORT. Vanguard Group Inc. raised its stake 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 valued at $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 0.4% in the fourth quarter. Parallel Advisors LLC now owns 3,829,632 shares of the biotechnology company’s stock valued at $192,975,000 after purchasing an additional 15,908 shares during the period. State Street Corp lifted its stake in shares of Corcept Therapeutics by 0.6% in the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock worth $162,871,000 after buying an additional 19,893 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Corcept Therapeutics by 4.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock worth $110,108,000 after buying an additional 99,470 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in 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 valued at $82,889,000 after buying an additional 64,321 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

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.