U.S. Bio Executive Makes Bold $3.3 Million Stock Purchase Amid Adversities

On March 17, Leonard G. Baker Jr., a director of Corcept Therapeutics Inc. (NASDAQ: CORT), purchased approximately $3.3 million—around ₩4 billion—of the company’s shares on the open market, boosting his direct holdings to roughly 1.14 million shares. He also disclosed that he holds a significant indirect interest through a limited partnership and a trust but does not claim ownership beyond his economic stake. Earlier, on February 27, Chief Business Officer Gary Charles Robb and Chief Development Officer William Guyer were each granted 140,000 stock options. Based on the exercise price, each award represents about $5 million—approximately ₩6.5 billion—in compensation, vesting monthly over the next four years.

Late in 2025, Corcept received multiple FDA warnings advising it to refrain from submitting its marketing application for its lead candidate, relacorilant, before ultimately issuing a complete response letter. In February 2026, the company secured a favorable appellate ruling in litigation over its cortisol regulator Korlym, dealing a setback to Teva’s efforts to bring a generic version to market. Following these developments and a sharp drop in Corcept’s share price, several law firms representing investors who bought stock between October 2024 and December 2025 have filed securities‐fraud class‐action lawsuits, with April 21, 2026, set as the deadline for lead‐plaintiff applications.

Headquartered in Redwood City, California, Corcept Therapeutics is a Nasdaq‐listed biopharmaceutical company that markets Korlym for Cushing’s syndrome and other high‐cortisol disorders while advancing follow‐on cortisol modulators such as relacorilant. Since its founding in 1998, the company has specialized in developing steroid-receptor modulators for metabolic diseases, psychiatric disorders, and oncology.