Joseph K. Belanoff Sells 1,974 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) Stock

Corcept Therapeutics Incorporated (NASDAQ:CORT) CEO Joseph K. Belanoff sold 1,974 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $60.83, for a total transaction of $120,078.42. Following the sale, the chief executive officer now directly owns 3,017,437 shares in the company, valued at $183,550,692.71. This trade represents a 0.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock opened at $56.68 on Friday. The company has a market capitalization of $5.98 billion, a PE ratio of 44.98 and a beta of 0.61. 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 52 week low of $20.84 and a 52 week high of $75.00. The stock’s fifty day moving average is $61.91 and its two-hundred day moving average is $54.33.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.11). Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The company had revenue of $181.89 million for the quarter, compared to the consensus estimate of $200.12 million. As a group, analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Canaccord Genuity Group upped their target price on shares of Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. StockNews.com downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Piper Sandler raised their target price on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. Finally, HC Wainwright restated a “buy” rating and set a $115.00 price target on shares of Corcept Therapeutics in a research report on Thursday, February 27th. 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $99.75.

Institutional Trading of Corcept Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in CORT. Synergy Asset Management LLC raised its holdings in Corcept Therapeutics by 131.3% in the 4th quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company’s stock worth $22,369,000 after purchasing an additional 262,503 shares during the period. Van ECK Associates Corp acquired a new position in Corcept Therapeutics during the fourth quarter worth about $4,483,000. State Street Corp grew its stake in Corcept Therapeutics by 0.6% during the 3rd quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock valued at $162,871,000 after acquiring an additional 19,893 shares in the last quarter. Burney Co. increased its holdings in shares of Corcept Therapeutics by 9.1% in the fourth quarter. Burney Co. now owns 473,821 shares of the biotechnology company’s stock valued at $23,876,000 after purchasing an additional 39,657 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Corcept Therapeutics by 43.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 253,070 shares of the biotechnology company’s stock worth $11,712,000 after acquiring an additional 76,573 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

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.