Cetera Investment Advisers Has $956,000 Stock Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Cetera Investment Advisers cut its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 62.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,374 shares of the biotechnology company’s stock after selling 13,674 shares during the period. Cetera Investment Advisers’ holdings in Corcept Therapeutics were worth $956,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CORT. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Corcept Therapeutics by 3.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company’s stock worth $909,000 after acquiring an additional 230 shares during the period. Summit Investment Advisors Inc. raised its holdings in shares of Corcept Therapeutics by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company’s stock worth $426,000 after acquiring an additional 268 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Corcept Therapeutics by 102.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company’s stock worth $71,000 after acquiring an additional 313 shares during the period. GAMMA Investing LLC raised its holdings in shares of Corcept Therapeutics by 13.7% during the first quarter. GAMMA Investing LLC now owns 3,407 shares of the biotechnology company’s stock worth $389,000 after acquiring an additional 411 shares during the period. Finally, Linden Thomas Advisory Services LLC raised its holdings in shares of Corcept Therapeutics by 0.7% during the first quarter. Linden Thomas Advisory Services LLC now owns 63,692 shares of the biotechnology company’s stock worth $7,275,000 after acquiring an additional 468 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $82.86, for a total value of $3,314,400.00. Following the completion of the transaction, the chief executive officer owned 2,901,985 shares of the company’s stock, valued at $240,458,477.10. This trade represents a 1.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joseph Douglas Lyon sold 5,823 shares of Corcept Therapeutics stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.51, for a total transaction of $393,110.73. Following the completion of the transaction, the insider directly owned 10,066 shares of the company’s stock, valued at approximately $679,555.66. This trade represents a 36.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 281,829 shares of company stock valued at $20,734,413 in the last quarter. Company insiders own 20.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CORT. HC Wainwright dropped their price objective on shares of Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Canaccord Genuity Group dropped their price objective on shares of Corcept Therapeutics from $142.00 to $137.00 and set a “buy” rating on the stock in a report on Friday, August 1st. Piper Sandler dropped their price objective on shares of Corcept Therapeutics from $131.00 to $121.00 and set an “overweight” rating on the stock in a report on Friday, August 1st. Wall Street Zen lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, May 14th. Finally, Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, May 6th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $134.50.

Corcept Therapeutics Trading Up 2.3%

Corcept Therapeutics stock opened at $73.59 on Wednesday. The company has a market cap of $7.75 billion, a P/E ratio of 65.12 and a beta of 0.20. Corcept Therapeutics Incorporated has a 1-year low of $33.34 and a 1-year high of $117.33. The company has a fifty day simple moving average of $71.06 and a 200 day simple moving average of $69.09.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06. The business had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The firm’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.32 earnings per share. On average, equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Corcept Therapeutics 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.