Truist Financial Corp Lowers Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Truist Financial Corp decreased its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 68.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,818 shares of the biotechnology company’s stock after selling 21,580 shares during the quarter. Truist Financial Corp’s holdings in Corcept Therapeutics were worth $218,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. CWM LLC raised its position in Corcept Therapeutics by 392.8% during the first quarter. CWM LLC now owns 2,134 shares of the biotechnology company’s stock valued at $46,000 after purchasing an additional 1,701 shares in the last quarter. Asset Management One Co. Ltd. purchased a new position in shares of Corcept Therapeutics during the 1st quarter valued at about $47,000. Advisory Services Network LLC lifted its position in Corcept Therapeutics by 1,247.1% in the 1st quarter. Advisory Services Network LLC now owns 3,004 shares of the biotechnology company’s stock worth $65,000 after buying an additional 2,781 shares during the last quarter. Quantbot Technologies LP bought a new stake in Corcept Therapeutics in the 2nd quarter worth approximately $76,000. Finally, Point72 Middle East FZE purchased a new stake in Corcept Therapeutics in the fourth quarter worth approximately $107,000. 78.80% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Joseph Douglas Lyon sold 4,588 shares of Corcept Therapeutics stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $31.19, for a total transaction of $143,099.72. Following the sale, the chief accounting officer now owns 5,132 shares of the company’s stock, valued at approximately $160,067.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Corcept Therapeutics news, insider Sean Maduck sold 3,031 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $27.24, for a total value of $82,564.44. Following the completion of the transaction, the insider now owns 73,610 shares in the company, valued at $2,005,136.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Joseph Douglas Lyon sold 4,588 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $31.19, for a total transaction of $143,099.72. Following the sale, the chief accounting officer now owns 5,132 shares in the company, valued at approximately $160,067.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 81,827 shares of company stock worth $2,436,963. 18.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. LADENBURG THALM/SH SH lifted their price target on shares of Corcept Therapeutics from $44.00 to $47.50 in a research note on Thursday, August 3rd. Piper Sandler boosted their price target on shares of Corcept Therapeutics from $27.00 to $31.00 and gave the stock an “overweight” rating in a research note on Thursday, August 3rd. HC Wainwright upped their price target on shares of Corcept Therapeutics from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, November 2nd. Canaccord Genuity Group boosted their target price on Corcept Therapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, August 25th. Finally, Truist Financial upgraded Corcept Therapeutics from a “hold” rating to a “buy” rating and raised their price target for the stock from $29.00 to $38.00 in a research report on Monday, November 6th. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $32.19.

Corcept Therapeutics Price Performance

Shares of NASDAQ:CORT opened at $25.44 on Wednesday. The stock’s 50-day moving average is $28.82 and its 200 day moving average is $26.68. The company has a market cap of $2.62 billion, a PE ratio of 31.41 and a beta of 0.43. Corcept Therapeutics Incorporated has a 1 year low of $17.86 and a 1 year high of $34.28.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Wednesday, November 1st. The biotechnology company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.06. Corcept Therapeutics had a return on equity of 18.99% and a net margin of 20.20%. The firm had revenue of $123.60 million for the quarter, compared to analysts’ expectations of $119.71 million. During the same period in the previous year, the firm earned $0.30 earnings per share. The business’s revenue was up 21.5% compared to the same quarter last year. Analysts expect that Corcept Therapeutics Incorporated will post 0.89 EPS for the current fiscal year.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe metabolic, oncologic, endocrine, and neurological disorders in the United States. It offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery.