The chief development officer of Corcept Therapeutics sold 20,000 shares for $703,656 in an open-market sale on Tuesday, with no indirect entities involved. After the transaction, the executive reported holding stock options underlying 250,000 shares. The company focuses on therapies for severe endocrine and oncologic conditions, with revenue primarily from Korlym for Cushing’s syndrome.

The transaction involved the exercise of 20,000 stock options followed by an open-market sale, reducing direct common stock holdings sharply. However, the executive retains 1,235 shares valued at approximately $44,188 and stock options underlying 250,000 shares. Corcept Therapeutics entered a regulatory setback from a position of strength, with revenue rising and a strong cash position.

Corcept Therapeutics is a mid-cap biotechnology company specializing in therapies for severe endocrine and oncologic conditions. Revenue rose to $207.6 million in the third quarter, driven by growth in Korlym prescriptions. Management reaffirmed full-year revenue guidance and ended the quarter with $524 million in cash and investments. The company’s strong fundamentals remain despite recent regulatory challenges.

Read more at Yahoo Finance: Corcept Insider Transaction Explained After Shares Tumble 50% in One Day