Director Baker G Leonard Jr. of Corcept Therapeutics (NASDAQ: CORT) reported two separate purchases of company common stock on March 17, 2026, together amounting to $3.3 million.
In the larger of the two transactions, Baker acquired 75,782 shares at a weighted average price within the range of $32.43 to $33.30, for an aggregate cost of $2,500,972. The second purchase comprised 24,218 shares bought at prices between $33.44 and $33.68, totaling $812,836. The combined transactions equal $3,313,808 based on the component totals supplied.
At the time the purchases were noted, CORT was trading at $34.08. That market price sits far below the stock's 52-week high of $117.33, and reflects a 58.6% decline over the prior six-month period.
Following the March 17 transactions, Baker G Leonard Jr. directly holds 1,146,631 shares of Corcept Therapeutics. He also maintains indirect ownership positions of 3,308,303 shares through a limited partnership and 1,095,262 shares through a trust, as reported.
Market commentary included in the report cites InvestingPro analysis indicating that CORT appears undervalued at current levels. The note referenced 16 additional ProTips for subscribers that cover topics such as the company's financial health and valuation metrics, and it pointed to a comprehensive Pro Research Report for deeper analysis.
Corcept's recent operating results and guidance revisions provide the context for the director's purchases. The company reported fourth-quarter 2025 revenues of $202.1 million, below the consensus expectation of $254.9 million. Full-year 2025 revenue was $761.4 million, which did not meet the company's revised guidance range of $800 million to $850 million.
Adjusted earnings per share for the fourth quarter were $0.20, short of the analyst estimate of $0.25. In response to the reported results, H.C. Wainwright lowered its price target on Corcept to $60 from $67 while retaining a Buy rating on the shares.
Separately, Corcept is confronting legal pressure tied to an FDA rejection. A securities class action lawsuit has been filed on behalf of investors who purchased shares between October 31, 2024, and December 30, 2025. The deadline to file in that matter is set for April 21, 2026. The case is being processed in the United States District Court for the Northern District of California.
These developments - the insider purchases, the revenue and earnings shortfalls, the analyst adjustment, and the pending securities litigation - together mark a challenging period for Corcept Therapeutics as it navigates operational and legal headwinds.