Form 4: Corcept Therapeutics Executive Sean Maduck Reports Stock Transactions
SEC Form 4
Sean Maduck, President of Corcept Endocrinology, reports acquisition and disposal of Corcept Therapeutics (CORT) stock, including shares withheld for tax obligations and shares purchased under an incentive plan.
Summary
- Sean Maduck, President of Corcept Endocrinology, filed a Form 4 detailing changes in beneficial ownership of Corcept Therapeutics (CORT) stock.
- On September 3, 2024, 232 shares were withheld by the issuer to cover tax obligations related to the vesting of restricted stock units, priced at $35.30.
- Also on September 3, 2024, Maduck acquired 458 shares under a purchase plan at $34.26 per share and another 458 shares as unvested restricted stock awards at $0.00.
- Following these transactions, Maduck directly owns 85,083 shares and indirectly owns 10,000 shares through Duckhill Capital, LLC and another 10,000 shares through Sean and Molly Maduck Living Trust.
- The reported transactions include the vesting of restricted stock awards granted on December 1, 2023, and March 1, 2024, which will fully vest on their one-year anniversaries.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing is a standard disclosure of stock transactions. The purchase of shares by an executive could be seen as a slightly positive signal.
Positives
- The purchase of shares by an executive could be seen as a positive signal about the company's prospects.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's value and future prospects.
Comparison to Industry Standards
- Executive stock ownership and trading activity are common across publicly traded companies.
- Form 4 filings are a standard requirement for reporting such transactions to the SEC.
- The details provided in this filing are consistent with standard practices for disclosing stock transactions by company insiders.
Stakeholder Impact
- Shareholders may be interested in the trading activity of company executives as an indicator of management's confidence in the company.
Key Dates
| Date | Description |
|---|---|
| 12/01/2023 | Grant date of restricted stock awards, vesting on the one-year anniversary. |
| 03/01/2024 | Grant date of restricted stock awards, vesting on the one-year anniversary. |
| 08/30/2024 | Closing price used to calculate withholding obligation ($35.30). |
| 09/03/2024 | Date of stock transactions: tax withholding and purchase plan acquisition. |
| 09/05/2024 | Date of Form 4 filing. |
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