Wellington Management Group LLP Trims Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Wellington Management Group LLP trimmed its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 9.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 41,066 shares of the biotechnology company’s stock after selling 4,195 shares during the quarter. Wellington Management Group LLP’s holdings in Corcept Therapeutics were worth $1,901,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Performance Advisors LLP purchased a new stake in Corcept Therapeutics in the third quarter worth about $25,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Corcept Therapeutics in the 3rd quarter valued at about $36,000. Blue Trust Inc. lifted its position in shares of Corcept Therapeutics by 125.4% in the 2nd quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company’s stock worth $115,000 after purchasing an additional 1,962 shares during the period. GAMMA Investing LLC boosted its stake in shares of Corcept Therapeutics by 85.4% during the third quarter. GAMMA Investing LLC now owns 2,490 shares of the biotechnology company’s stock valued at $115,000 after purchasing an additional 1,147 shares in the last quarter. Finally, nVerses Capital LLC increased its holdings in Corcept Therapeutics by 62.5% during the second quarter. nVerses Capital LLC now owns 3,900 shares of the biotechnology company’s stock valued at $127,000 after buying an additional 1,500 shares during the period. Institutional investors own 93.61% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on CORT shares. Piper Sandler upped their target price on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. Truist Financial boosted their target price on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock 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, October 18th. Finally, HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a report on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Trading Down 4.9 %

NASDAQ CORT opened at $52.42 on Thursday. Corcept Therapeutics Incorporated has a 1 year low of $20.84 and a 1 year high of $62.22. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The company has a market capitalization of $5.49 billion, a PE ratio of 41.60 and a beta of 0.51. The company has a fifty day moving average of $53.46 and a 200 day moving average of $41.64.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.14. The firm had revenue of $182.55 million for the quarter, compared to the consensus estimate of $171.97 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company’s revenue was up 47.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.28 earnings per share. Research analysts forecast that Corcept Therapeutics Incorporated will post 1.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $59.88, for a total value of $131,736.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the insider now owns 22,772 shares in the company, valued at $1,053,888.16. This represents a 32.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,811 shares of company stock worth $1,341,360. Company insiders own 20.50% of the company’s stock.

About Corcept Therapeutics

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.