Aviva PLC Trims Holdings in Corcept Therapeutics Incorporated $CORT

Aviva PLC trimmed its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 36.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,563 shares of the biotechnology company’s stock after selling 3,805 shares during the quarter. Aviva PLC’s holdings in Corcept Therapeutics were worth $482,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Wedbush Securities Inc. purchased a new position in Corcept Therapeutics in the 2nd quarter worth about $302,000. Golden State Wealth Management LLC bought a new position in Corcept Therapeutics in the 2nd quarter worth about $28,000. Huntington National Bank increased its position in shares of Corcept Therapeutics by 54.0% during the second quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock worth $35,000 after acquiring an additional 168 shares during the period. Optivise Advisory Services LLC bought a new stake in shares of Corcept Therapeutics during the second quarter valued at approximately $217,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Corcept Therapeutics by 9.5% in the second quarter. Bank of New York Mellon Corp now owns 638,722 shares of the biotechnology company’s stock valued at $46,882,000 after purchasing an additional 55,629 shares during the period. 93.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on CORT shares. Piper Sandler reduced their price objective on 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 Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, October 18th. HC Wainwright restated a “buy” rating and issued a $145.00 price objective on shares of Corcept Therapeutics in a report on Monday, October 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Wednesday, October 8th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $140.00 target price on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Corcept Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $135.25.

Corcept Therapeutics Stock Performance

NASDAQ:CORT opened at $75.75 on Friday. The company’s 50-day simple moving average is $77.36 and its 200-day simple moving average is $73.69. Corcept Therapeutics Incorporated has a fifty-two week low of $49.00 and a fifty-two week high of $117.33. The stock has a market capitalization of $7.97 billion, a P/E ratio of 67.04 and a beta of 0.43.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The firm had revenue of $207.64 million for the quarter, compared to analysts’ expectations of $223.78 million. During the same period in the previous year, the company earned $0.41 EPS. The company’s revenue was up 13.8% on a year-over-year basis. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Activity

In related news, CEO Joseph K. Belanoff sold 28,782 shares of the business’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $74.77, for a total transaction of $2,152,030.14. Following the transaction, the chief executive officer directly owned 2,741,370 shares in the company, valued at $204,972,234.90. The trade was a 1.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $73.65, for a total value of $368,250.00. Following the transaction, the insider directly owned 10,277 shares in the company, valued at $756,901.05. This represents a 32.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 259,400 shares of company stock worth $20,009,288. Company insiders own 20.50% of the company’s stock.

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.