Atabak Mokari Sells 40,000 Shares of Corcept Therapeutics (NASDAQ:CORT) Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CFO Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.15, for a total value of $3,246,000.00. Following the completion of the transaction, the chief financial officer owned 16,130 shares in the company, valued at $1,308,949.50. The trade was a 71.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Atabak Mokari also recently made the following trade(s):

• On Monday, June 1st, Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock. The stock was sold at an average price of $70.00, for a total value of $2,800,000.00.

Corcept Therapeutics Price Performance

Shares of NASDAQ:CORT opened at $79.91 on Friday. The business has a 50-day moving average of $58.92 and a two-hundred day moving average of $52.14. The firm has a market capitalization of $8.58 billion, a PE ratio of 228.32 and a beta of 0.50. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $91.00.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The firm had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.17 earnings per share. As a group, research analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Institutional Trading of Corcept Therapeutics

Large investors have recently bought and sold shares of the company. Pacer Advisors Inc. raised its stake in shares of Corcept Therapeutics by 56.8% during the first quarter. Pacer Advisors Inc. now owns 3,184 shares of the biotechnology company’s stock valued at $128,000 after purchasing an additional 1,154 shares during the period. FAS Wealth Partners Inc. boosted its stake in shares of Corcept Therapeutics by 4.0% in the first quarter. FAS Wealth Partners Inc. now owns 322,370 shares of the biotechnology company’s stock valued at $12,995,000 after purchasing an additional 12,352 shares during the period. Parallel Advisors LLC boosted its stake in shares of Corcept Therapeutics by 2.5% in the first quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock valued at $160,329,000 after purchasing an additional 96,763 shares during the period. NewEdge Advisors LLC grew its holdings in Corcept Therapeutics by 727.2% during the 1st quarter. NewEdge Advisors LLC now owns 9,364 shares of the biotechnology company’s stock valued at $377,000 after purchasing an additional 8,232 shares in the last quarter. Finally, Perceptive Advisors LLC acquired a new stake in Corcept Therapeutics during the 1st quarter valued at $2,016,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Wall Street Analyst Weigh In

CORT has been the subject of several recent research reports. HC Wainwright increased their price objective on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a report on Thursday, May 28th. Wolfe Research raised shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research report on Thursday, March 26th. Canaccord Genuity Group increased their price target on Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Finally, Piper Sandler raised their price objective on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $88.83.

Corcept Therapeutics News Summary

Here are the key news stories impacting Corcept Therapeutics this week:

• Positive Sentiment: Corcept resubmitted its New Drug Application for relacorilant to the FDA for treating patients with Cushing’s syndrome, a key step that could move the drug closer to approval and expand the company’s commercial pipeline. Article Title
• Neutral Sentiment: Analyst sentiment remains generally constructive, with several firms maintaining or raising price targets and the stock still carrying a “Moderate Buy” consensus rating.
• Negative Sentiment: CFO Atabak Mokari sold 40,000 shares, cutting his stake by more than 71%, which may have raised concerns about insider confidence. Article Title
• Negative Sentiment: Director David L. Mahoney sold 20,000 shares, reducing his position by about 43%, adding to the recent wave of insider selling pressure. Article Title
• Negative Sentiment: Director James N. Wilson also sold 10,000 shares, reinforcing the market’s focus on insider disposition activity. Article Title

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.