Joseph Douglas Lyon, Chief Accounting & Technology Officer at Corcept Therapeutics Inc. (NASDAQ:CORT), recently executed a series of transactions involving the company's common stock. On January 2, 2025, Lyon sold 5,000 shares at a price of $50.39 each, yielding a total of $251,950. This sale was conducted under a pre-established 10b5-1 trading plan.
In a related move, Lyon exercised options to acquire 5,000 shares at a price of $11.35 per share. Following these transactions, Lyon holds 8,759 shares directly, which includes shares underlying unvested restricted stock awards. With the company's next earnings report scheduled for February 12, 2025, InvestingPro subscribers can access 14 additional investment tips and comprehensive insider trading analysis through the Pro Research Report, helping investors make more informed decisions about CORT's future prospects.
In other recent news, Corcept Therapeutics Incorporated has submitted a new drug application (NDA) for relacorilant, a treatment for patients with Cushing's syndrome. The submission follows positive outcomes from the GRACE trial and supporting results from Phase 3 GRADIENT, long-term extension studies, and a Phase 2 study in hypercortisolism. The company reported a robust increase in third-quarter revenue to $182.5 million, marking a 48% year-over-year rise, and a net income of $47.2 million. Consequently, Corcept raised its full-year revenue guidance for 2024 to between $675 million and $700 million.
On the clinical front, Corcept's Phase 4 CATALYST study achieved its primary endpoint, showing that Korlym significantly improved blood sugar levels in patients with hypercortisolism and hard-to-control type 2 diabetes. However, the Phase 2 DAZALS study of dazucorilant did not meet its primary endpoint for patients with ALS, but survival data has led to the continuation of an open-label extension study.
Despite ongoing litigation with Teva Pharmaceuticals over a generic version of Korlym, Corcept continues to strive towards its goal of becoming a $3 billion business in the coming years. These recent developments highlight Corcept Therapeutics' commitment to addressing severe health conditions and its strong financial health, as analyzed by InvestingPro.
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