Daniel N. Swisher Jr., a director at Corcept Therapeutics Inc. (NASDAQ:), recently executed a series of stock transactions, according to a recent SEC filing. On November 11, Swisher sold 2,200 shares of Corcept Therapeutics common stock at a price of $59.88 per share, amounting to a total of $131,736. This transaction was conducted under a pre-established 10b5-1 trading plan.
Additionally, Swisher exercised stock options to acquire 2,200 shares at a price of $12.13 each, totaling $26,686. Following these transactions, Swisher does not hold any remaining shares from this particular set of transactions.
In other recent news, Corcept Therapeutics exhibited a robust third-quarter performance, with revenue reaching $182.5 million, marking a 48% increase from the previous year. The company’s net income also rose to $47.2 million. These positive results have led the company to raise its 2024 revenue guidance to between $675 million and $700 million.
Another significant development is the anticipated submission of a New Drug Application for relacorilant, a drug for Cushing’s syndrome, to the FDA by the end of the year. This comes after the drug showed significant improvements in Phase 3 trials. Despite ongoing litigation with Teva Pharmaceuticals over a generic version of Korlym, Corcept Therapeutics remains optimistic about its trajectory, aiming for a $3 billion business in the next five years.
In the meantime, investors are keeping a close eye on the CATALYST Phase 4 trial and ROSELLA study results, expected by year-end, which could potentially transform treatment landscapes. The company is also confident in the growth and volume expansion for its Cushing’s syndrome treatment into 2025 and beyond.
InvestingPro Insights
As Daniel N. Swisher Jr. executes his trading plan, Corcept Therapeutics (NASDAQ:CORT) continues to demonstrate strong financial performance. According to InvestingPro data, the company’s revenue growth stands at an impressive 39.67% over the last twelve months as of Q3 2024, with quarterly revenue growth in Q3 2024 reaching 47.69%. This robust growth is reflected in the stock’s performance, with a remarkable 121.89% price return over the past year.
The company’s financial health appears solid, with InvestingPro Tips highlighting that Corcept’s liquid assets exceed short-term obligations, and it operates with a moderate level of debt. This financial stability is crucial as the company continues to expand its operations and invest in research and development.
While Corcept is trading at a high P/E ratio of 41.9, it’s worth noting that the PEG ratio stands at a more modest 0.74, suggesting that the stock might be undervalued relative to its growth prospects. This aligns with an InvestingPro Tip indicating that Corcept is trading at a low P/E ratio relative to near-term earnings growth.
Investors seeking a more comprehensive analysis can access 16 additional InvestingPro Tips for Corcept Therapeutics, providing a deeper understanding of the company’s financial position and market performance.
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