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Joseph Douglas Lyon, Chief Accounting and Technology Officer at Corcept Therapeutics Inc. (NASDAQ:CORT), a $7.45 billion market cap pharmaceutical company, recently sold shares of the company, according to a recent SEC filing. On June 2, Lyon sold 5,000 shares of Corcept’s common stock, generating a total of $390,218. The sale price ranged from $77.9663 to $78.6548 per share. According to InvestingPro data, the stock has delivered an impressive 103% return over the past year.
In addition to the sale, Lyon acquired 5,000 shares through a stock option exercise at a price of $13.56 per share, valued at $67,800. The transactions were part of a pre-established trading plan under Rule 10b5-1.
Following these transactions, Lyon’s direct ownership of Corcept shares stood at 10,066 shares.
In other recent news, Corcept Therapeutics announced promising results from its Phase 3 ROSELLA trial, which evaluated relacorilant in combination with nab-paclitaxel for treating platinum-resistant ovarian cancer. The study successfully met its primary endpoint, with patients receiving the combination therapy experiencing a 30% reduction in the risk of disease progression compared to those on nab-paclitaxel monotherapy. Furthermore, the median progression-free survival improved to 6.5 months from 5.5 months, and an interim analysis showed a significant extension in overall survival. In terms of financial performance, Corcept reported first-quarter earnings per share of $0.17, surpassing analyst expectations, though revenue fell short at $157.2 million against the anticipated $177.9 million. Despite the revenue miss, Corcept’s management reaffirmed its sales guidance for 2025, projecting Korlym sales between $900 million and $950 million. Piper Sandler maintained its Overweight rating and $131 price target for Corcept, while H.C. Wainwright adjusted its price target to $145, citing improved pharmacy operations as a positive development. Both firms highlighted the potential impact of relacorilant on Corcept’s future growth. Corcept is actively pursuing regulatory applications in the U.S. and Europe to expedite the availability of relacorilant.
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