Corcept (CORT) President Sean Maduck Sells Shares & Exercises Options

What Happened

• Sean Maduck, President of Corcept Endocrinology, exercised 30,955 stock option/derivative shares (reported as "M") at $11.35 per share (cost ~$351,339) and sold the same 30,955 shares in the open market on 2026-08-25 for total gross proceeds of ~$3,887,320. The sales were done in two blocks: 25,085 shares at a weighted avg. $125.47 and 5,870 shares at a weighted avg. $126.06. The sale transactions were executed pursuant to a 10b5-1 trading plan.

Key Details

• Transaction date: 2026-08-25; Form filed: 2026-08-27 (timely).
• Exercise (acquired): 30,955 shares @ $11.35 = $351,339 (reported).
• Sales (disposed): 25,085 shares @ weighted avg $125.47 = $3,147,355; 5,870 shares @ weighted avg $126.06 = $739,965; total proceeds ≈ $3,887,320.
• Sale price ranges: $125.00–$125.98 (first block) and $126.00–$126.23 (second block) per filing footnotes.
• Sales executed under a 10b5-1 plan adopted Dec 8, 2025 (footnote F2).
• Filing notes 1,502 unvested restricted shares (228 + 205 + 454 + 615) that vest one year after each respective grant if conditions are met (footnote F1).
• Beneficial ownership is also held through several trusts/LLCs (see footnotes F5–F9); the filing does not state total shares owned after the transactions.
• Derivative note: the options were fully exercisable (F10) and were exercised and the acquired shares were sold the same day — effectively a same-day exercise-and-sell.

Context

• This was an exercise of options followed immediately by open-market sales. For retail investors, purchases by insiders can be taken as a stronger signal than routine option exercises and planned sales; here the sales were done under a pre-established 10b5-1 plan, which is commonly used to avoid timing issues and does not necessarily reflect a change in the insider’s view of the company.
• No late filing was indicated. The filing is factual and does not state any intent or reason for the transactions.