Abacus FCF Advisors LLC Acquires Shares of 38,961 Corcept Therapeutics Incorporated $CORT

Abacus FCF Advisors LLC bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 38,961 shares of the biotechnology company’s stock, valued at approximately $3,238,000.

A number of other large investors have also modified their holdings of CORT. Golden State Wealth Management LLC purchased a new stake in shares of Corcept Therapeutics in the second quarter valued at approximately $28,000. Huntington National Bank boosted its position in shares of Corcept Therapeutics by 54.0% during the 2nd quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 168 shares in the last quarter. Employees Retirement System of Texas purchased a new stake in shares of Corcept Therapeutics during the 2nd quarter worth $52,000. USA Financial Formulas acquired a new position in shares of Corcept Therapeutics during the 2nd quarter worth $56,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of Corcept Therapeutics by 277.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 910 shares of the biotechnology company’s stock valued at $67,000 after purchasing an additional 669 shares in the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $79.77, for a total transaction of $3,190,800.00. Following the completion of the sale, the chief executive officer owned 2,701,370 shares in the company, valued at approximately $215,488,284.90. This trade represents a 1.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Sean Maduck sold 20,000 shares of the business’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $79.52, for a total transaction of $1,590,400.00. Following the completion of the transaction, the insider directly owned 7,904 shares of the company’s stock, valued at $628,526.08. The trade was a 71.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 261,700 shares of company stock worth $21,002,348 in the last ninety days. 20.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently commented on CORT. Wolfe Research initiated coverage on shares of Corcept Therapeutics in a report on Tuesday, November 18th. They set a “peer perform” rating on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Corcept Therapeutics in a report on Monday, December 22nd. UBS Group started coverage on Corcept Therapeutics in a research note on Tuesday, December 16th. They set a “neutral” rating and a $95.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $145.00 price target on shares of Corcept Therapeutics in a report on Tuesday, November 25th. Finally, Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, December 15th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $127.20.

Corcept Therapeutics Trading Down 3.4%

Shares of Corcept Therapeutics stock opened at $79.82 on Tuesday. Corcept Therapeutics Incorporated has a 1 year low of $49.00 and a 1 year high of $117.33. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.14 and a quick ratio of 3.07. The business has a 50 day moving average price of $78.78 and a 200 day moving average price of $75.58. The company has a market capitalization of $8.40 billion, a P/E ratio of 90.71 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT) last announced 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 14.19% and a return on equity of 15.99%. The company had revenue of $207.64 million for the quarter, compared to analyst estimates of $223.78 million. During the same quarter last year, the company posted $0.41 EPS. Corcept Therapeutics’s quarterly revenue was up 13.8% compared to the same quarter last year. Sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.