Palantir shares rise 5% premarket as AI-fueled demand powers annual guidance raise
Joseph K. Belanoff, the Chief Executive Officer of Corcept Therapeutics Inc. (NASDAQ:CORT), recently sold shares of the company’s stock, according to a filing with the Securities and Exchange Commission. The sale comes as the company, now valued at $6.03 billion, has delivered an impressive 135% return over the past year. On March 24, Belanoff sold a total of 1,974 shares at an average price of approximately $60.83 per share, amounting to a total transaction value of $120,084.
The sale was conducted under a Rule 10b5-1 trading plan, which had been adopted in November 2024. Following the transaction, Belanoff holds 3,017,437 shares indirectly through the Joseph K. Belanoff and Katherine A. Blenko Revocable Living Trust. According to InvestingPro data, the company maintains a GREAT financial health score, with liquid assets exceeding short-term obligations by 3.35x.
The transaction was not part of an equity swap, and the shares were disposed of as part of the CEO’s personal financial strategy. The sale price per share ranged from $60.83 to $60.93, with the weighted average sale price reported as $60.8329. InvestingPro analysis reveals 13 additional key insights about CORT’s valuation and performance metrics, available exclusively to subscribers.
In other recent news, Corcept Therapeutics has reported its Q4 2024 earnings, which fell short of analyst expectations. The company announced an EPS of $0.26, which missed the projected $0.38, and revenue of $181.89 million, below the expected $198.05 million. Despite this, Corcept experienced a 40% year-over-year increase in annual revenue, reaching $675 million for 2024, with net income rising by 33% to $141 million. Corcept has also submitted a New Drug Application (NDA) for relacorilant to the FDA, with a Prescription Drug User Fee Act (PDUFA) target action date set for December 30, 2025. This drug is intended for the treatment of endogenous hypercortisolism, and the NDA is backed by results from several clinical trials, including the pivotal GRACE trial. The company is confident about its future growth, setting a revenue guidance of $900 to $950 million for 2025. Additionally, Corcept is expanding its research efforts in oncology and other areas, with ongoing studies in ovarian cancer and other conditions. The company maintains strong cash reserves, amounting to $603 million as of December 31, 2024.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.