What Happened?
Shares of biopharma company Corcept Therapeutics (NASDAQ: CORT) fell 12.3% in the morning session after reports of a significant stock sale by a top executive surfaced. The company's Chief Development Officer, William Guyer, sold 20,000 shares for a total of approximately $1.8 million in a transaction dated October 7. This sale was noteworthy as it reduced the executive's ownership in the company by nearly 80%. While the transaction was part of a pre-arranged trading plan established in the previous year, large sales by high-level insiders can sometimes cause concern among investors about a company's future outlook.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Corcept? Access our full analysis report here.
What Is The Market Telling Us
Corcept’s shares are very volatile and have had 25 moves greater than 5% over the last year. But moves this big are rare even for Corcept and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 9 days ago when the stock gained 2.1% on the news that the company announced a specialty pharmacy partnership with Curant Health.
Corcept has selected Curant Health's 'Curant Rare' division to provide personalized care and coordinated access to therapy for its patients. The partnership is designed to offer comprehensive support to patients and caregivers, helping them navigate the complexities of their treatment. This development comes as Corcept continues to rely on its sole-marketed drug, Korlym, for treating Cushing's syndrome. The company is also working to advance its lead pipeline candidate, relacorilant, for the same condition, aiming to broaden its patient base and reduce its dependence on a single product in the future.
Corcept is up 54.6% since the beginning of the year, but at $77.26 per share, it is still trading 32.4% below its 52-week high of $114.22 from March 2025. Investors who bought $1,000 worth of Corcept’s shares 5 years ago would now be looking at an investment worth $4,231.
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