Cambridge Investment Research Advisors Inc. Reduces Stock Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Cambridge Investment Research Advisors Inc. lessened its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 39.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,005 shares of the biotechnology company’s stock after selling 7,761 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Corcept Therapeutics were worth $1,371,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CORT. Proficio Capital Partners LLC acquired a new stake in Corcept Therapeutics in the fourth quarter valued at approximately $1,597,000. Smartleaf Asset Management LLC grew its position in shares of Corcept Therapeutics by 311.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,371 shares of the biotechnology company’s stock worth $121,000 after acquiring an additional 1,795 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Corcept Therapeutics by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,051,560 shares of the biotechnology company’s stock worth $52,988,000 after acquiring an additional 25,073 shares during the last quarter. Victory Capital Management Inc. grew its position in Corcept Therapeutics by 79.4% in the 4th quarter. Victory Capital Management Inc. now owns 75,029 shares of the biotechnology company’s stock valued at $3,781,000 after buying an additional 33,206 shares during the last quarter. Finally, Arizona State Retirement System grew its position in Corcept Therapeutics by 1.1% in the 4th quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company’s stock valued at $1,374,000 after buying an additional 289 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Trading Up 1.8%

CORT stock opened at $72.65 on Friday. The firm has a market cap of $7.70 billion, a P/E ratio of 62.63 and a beta of 0.15. Corcept Therapeutics Incorporated has a 12-month low of $29.42 and a 12-month high of $117.33. The stock’s 50 day simple moving average is $72.85 and its 200 day simple moving average is $65.65.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The firm had revenue of $157.21 million for the quarter, compared to analyst estimates of $177.93 million. During the same period last year, the company earned $0.25 earnings per share. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Activity at Corcept Therapeutics

In related news, insider William Guyer sold 32,262 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $74.17, for a total transaction of $2,392,872.54. Following the completion of the transaction, the insider owned 5,487 shares of the company’s stock, valued at $406,970.79. This trade represents a 85.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $78.04, for a total value of $390,200.00. Following the completion of the transaction, the insider owned 9,009 shares of the company’s stock, valued at $703,062.36. This trade represents a 35.69% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 225,233 shares of company stock valued at $17,014,551. 20.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CORT shares. Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, May 6th. Wall Street Zen cut Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, May 14th. HC Wainwright decreased their target price on Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Canaccord Genuity Group upped their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday, April 1st. Finally, Piper Sandler upped their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a research report on Thursday, April 3rd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $138.25.

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.