Corcept Therapeutics Incorporated (NASDAQ:CORT) Position Reduced by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC cut its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 80.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,833 shares of the biotechnology company’s stock after selling 62,213 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Corcept Therapeutics were worth $686,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. BNP Paribas Financial Markets increased its holdings in shares of Corcept Therapeutics by 199.0% in the 1st quarter. BNP Paribas Financial Markets now owns 211,592 shares of the biotechnology company’s stock valued at $5,330,000 after purchasing an additional 140,815 shares during the period. Oak Ridge Investments LLC acquired a new position in shares of Corcept Therapeutics in the 2nd quarter valued at about $984,000. State Board of Administration of Florida Retirement System increased its holdings in shares of Corcept Therapeutics by 190.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 66,866 shares of the biotechnology company’s stock valued at $1,684,000 after purchasing an additional 43,809 shares during the period. US Bancorp DE increased its holdings in shares of Corcept Therapeutics by 6,252.3% in the 1st quarter. US Bancorp DE now owns 25,282 shares of the biotechnology company’s stock valued at $637,000 after purchasing an additional 24,884 shares during the period. Finally, Milestone Asset Management LLC increased its holdings in shares of Corcept Therapeutics by 47.4% in the 2nd quarter. Milestone Asset Management LLC now owns 51,599 shares of the biotechnology company’s stock valued at $1,676,000 after purchasing an additional 16,593 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CORT. Piper Sandler upped their target price on Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. HC Wainwright upped their target price on Corcept Therapeutics from $45.00 to $80.00 and gave the company a “buy” rating in a report on Friday. Truist Financial upped their target price on Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a report on Monday, September 30th. Sandler O’Neill restated a “buy” rating on shares of Corcept Therapeutics in a report on Friday. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $38.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Corcept Therapeutics presently has a consensus rating of “Buy” and an average price target of $65.25.

Insiders Place Their Bets

In other news, insider William Guyer sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $38.67, for a total value of $386,700.00. Following the completion of the sale, the insider now directly owns 6,039 shares of the company’s stock, valued at approximately $233,528.13. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Gary Charles Robb sold 11,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total value of $509,080.00. Following the completion of the sale, the insider now directly owns 22,772 shares of the company’s stock, valued at approximately $1,053,888.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 completion of the sale, the insider now directly owns 6,039 shares of the company’s stock, valued at $233,528.13. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,251 shares of company stock valued at $1,365,292 over the last 90 days. 20.50% of the stock is currently owned by company insiders.

Corcept Therapeutics Stock Performance

NASDAQ:CORT opened at $49.75 on Friday. The company has a market capitalization of $5.18 billion, a P/E ratio of 46.93 and a beta of 0.46. The stock’s 50 day moving average price is $39.65 and its 200 day moving average price is $32.93. Corcept Therapeutics Incorporated has a 52 week low of $20.84 and a 52 week high of $50.07.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Monday, July 29th. The biotechnology company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.09. The firm had revenue of $163.80 million during the quarter, compared to analysts’ expectations of $155.14 million. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The company’s revenue was up 39.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.25 earnings per share. As a group, sell-side analysts forecast that Corcept Therapeutics Incorporated will post 1.12 earnings per share for the current fiscal year.

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.