Commonwealth Equity Services LLC Has $700,000 Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Commonwealth Equity Services LLC cut its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 6.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,896 shares of the biotechnology company’s stock after selling 910 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Corcept Therapeutics were worth $700,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CORT. Kestra Investment Management LLC acquired a new position in Corcept Therapeutics in the 4th quarter worth about $27,000. USA Financial Formulas bought a new stake in shares of Corcept Therapeutics in the 4th quarter valued at approximately $54,000. Newbridge Financial Services Group Inc. acquired a new stake in Corcept Therapeutics in the fourth quarter valued at approximately $58,000. Principal Securities Inc. grew its position in Corcept Therapeutics by 63.6% in the fourth quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company’s stock worth $63,000 after acquiring an additional 483 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in shares of Corcept Therapeutics by 311.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,371 shares of the biotechnology company’s stock worth $121,000 after purchasing an additional 1,795 shares during the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CORT shares. Truist Financial upped their price objective on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the stock a “buy” rating in a report on Monday. StockNews.com lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Canaccord Genuity Group increased their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a report on Tuesday. Piper Sandler lifted their price target on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, HC Wainwright raised their target price on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the company a “buy” rating in a research note on Monday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Corcept Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $143.25.

Insider Activity at Corcept Therapeutics

In other news, CEO Joseph K. Belanoff sold 2,924 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $60.91, for a total value of $178,100.84. Following the completion of the transaction, the chief executive officer now directly owns 3,019,411 shares of the company’s stock, valued at approximately $183,912,324.01. This represents a 0.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $50.54, for a total value of $111,188.00. The disclosure for this sale can be found here. Insiders have sold 163,124 shares of company stock worth $15,074,318 over the last three months. Company insiders own 20.50% of the company’s stock.

Corcept Therapeutics Stock Down 5.3 %

CORT opened at $79.37 on Friday. Corcept Therapeutics Incorporated has a 1-year low of $20.84 and a 1-year high of $117.33. The business has a 50 day moving average of $64.52 and a 200-day moving average of $56.03. The stock has a market capitalization of $8.37 billion, a price-to-earnings ratio of 62.99 and a beta of 0.14. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.11). The company had revenue of $181.89 million during the quarter, compared to analyst estimates of $200.12 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. As a group, sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current 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.