Federated Hermes Inc. Lowers Stock Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Federated Hermes Inc. decreased its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 22.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,759 shares of the biotechnology company’s stock after selling 11,147 shares during the quarter. Federated Hermes Inc.’s holdings in Corcept Therapeutics were worth $1,259,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Park Place Capital Corp purchased a new position in shares of Corcept Therapeutics in the 2nd quarter valued at approximately $32,000. Atwood & Palmer Inc. purchased a new position in Corcept Therapeutics in the 2nd quarter valued at $35,000. GAMMA Investing LLC increased its stake in Corcept Therapeutics by 90.6% in the 1st quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 579 shares during the period. FinTrust Capital Advisors LLC raised its position in Corcept Therapeutics by 318.7% during the 1st quarter. FinTrust Capital Advisors LLC now owns 1,771 shares of the biotechnology company’s stock worth $45,000 after buying an additional 1,348 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in shares of Corcept Therapeutics by 27.0% in the 4th quarter. Quadrant Capital Group LLC now owns 2,107 shares of the biotechnology company’s stock worth $68,000 after acquiring an additional 448 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Price Performance

Shares of NASDAQ:CORT opened at $42.25 on Friday. The firm has a market capitalization of $4.40 billion, a price-to-earnings ratio of 39.86 and a beta of 0.45. The business’s 50 day simple moving average is $35.38 and its 200-day simple moving average is $30.04. Corcept Therapeutics Incorporated has a 12 month low of $20.84 and a 12 month high of $43.74.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Monday, July 29th. The biotechnology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.09. The company had revenue of $163.80 million for the quarter, compared to analyst estimates of $155.14 million. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. Corcept Therapeutics’s revenue was up 39.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.25 earnings per share. On average, equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.1 earnings per share for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider William Guyer sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $38.67, for a total value of $386,700.00. Following the sale, the insider now directly owns 6,039 shares in the company, valued at $233,528.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider William Guyer sold 10,000 shares of Corcept Therapeutics stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $38.67, for a total transaction of $386,700.00. Following the completion of the sale, the insider now owns 6,039 shares in the company, valued at approximately $233,528.13. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $32.81, for a total transaction of $72,182.00. The disclosure for this sale can be found here. In the last three months, insiders sold 30,451 shares of company stock worth $1,090,844. 20.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CORT has been the topic of a number of recent analyst reports. Truist Financial reiterated a “buy” rating and set a $65.00 price target on shares of Corcept Therapeutics in a research note on Monday, June 17th. Canaccord Genuity Group reissued a “buy” rating and set a $38.00 target price on shares of Corcept Therapeutics in a research note on Tuesday, July 30th. HC Wainwright lifted their price target on Corcept Therapeutics from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, Piper Sandler increased their price objective on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $53.75.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.