- 4 insiders purchased Corcept stock within one month.
- The stock was sold by no insiders in the month of intensive purchasing.
- 2 of these 4 insiders increased their holdings by more than 10%.
Corcept Therapeutics (NASDAQ:CORT) is engaged in the discovery, development, and commercialization of drugs for the treatment of metabolic, psychiatric, and oncologic disorders in the United States.
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Insider buying during the last 30 days
Here is a table of Corcept's insider activity during the last 30 days.
|Name||Title||Trade Date||Shares Purchased||Current Ownership||Increase In Shares|
|Joseph Cook||Director||May 9-13||200,000||2,040,826|
|Daniel Bradbury||Director||May 9-12||138,925||317,925 shares||+77.6%|
|David Mahoney||Director||May 9||100,000||1,119,533 shares||+9.8%|
|Leonard Baker||Director||May 9||100,000||8,687,453 shares||+1.2%|
There have been 538,925 shares purchased by insiders during the last 30 days.
Insider buying by calendar month
Here is a table of Corcept's insider activity by calendar month.
|Month||Insider buying / shares||Insider selling / shares|
There have been 548,925 shares purchased, and there have been 750,000 shares sold by insiders since January 2013. The month of May 2014 has seen the most insider buying.
Corcept reported the first-quarter financial results on May 7, with the following highlights:
|Net loss||$13.9 million|
On May 7, Corcept also reported that it is discontinuing its Phase III psychotic depression study, based on the recommendation of the study's data monitoring committee that the study was unlikely to meet its primary endpoint with statistical significance. The four insiders purchased their shares after these results.
Corcept's 2014 revenue guidance is $25 million to $29 million. The company believes it will reach cash flow breakeven without having to raise additional funds.
Pipeline and upcoming milestones
Corcept has one approved product, Korlym, for treatment of hyperglycemia. Corcept's study of mifepristone in the treatment of triple-negative breast cancer should yield initial efficacy results in the first half of 2015. The company will also move two of its next-generation compounds into the clinic this year.
There have been four different insiders buying Corcept, and there have not been any insiders selling Corcept during the last 30 days. Two of these four insiders increased their holdings by more than 10%. Corcept has an insider ownership of 35.55%.
The four insiders purchased their shares at prices ranging from $1.79 to $1.85. I believe Corcept could be a good pick below $1.85, based on the intensive insider buying.
Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in CORT over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.