Aberdeen Group plc Sells 19,501 Shares of Corcept Therapeutics Incorporated $CORT

Aberdeen Group plc trimmed its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 7.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 259,077 shares of the biotechnology company’s stock after selling 19,501 shares during the period. Aberdeen Group plc owned about 0.25% of Corcept Therapeutics worth $21,532,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Golden State Wealth Management LLC purchased a new stake in Corcept Therapeutics during the second quarter worth about $28,000. Huntington National Bank boosted its stake in Corcept Therapeutics by 54.0% in the second quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock valued at $35,000 after acquiring an additional 168 shares during the last quarter. Hantz Financial Services Inc. grew its position in shares of Corcept Therapeutics by 598.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 461 shares of the biotechnology company’s stock valued at $38,000 after acquiring an additional 395 shares during the period. Employees Retirement System of Texas purchased a new stake in shares of Corcept Therapeutics during the 2nd quarter worth approximately $52,000. Finally, Bessemer Group Inc. raised its holdings in shares of Corcept Therapeutics by 119.2% in the 3rd quarter. Bessemer Group Inc. now owns 629 shares of the biotechnology company’s stock worth $53,000 after purchasing an additional 342 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wolfe Research lowered Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $30.00 price objective for the company. in a report on Wednesday, December 31st. Truist Financial set a $50.00 price target on Corcept Therapeutics in a research note on Wednesday, December 31st. Zacks Research lowered Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Corcept Therapeutics in a report on Monday, December 29th. Finally, Canaccord Genuity Group lifted their target price on shares of Corcept Therapeutics from $99.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $83.50.

Insiders Place Their Bets

In other news, CEO Joseph K. Belanoff sold 40,000 shares of the business’s 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 transaction, the chief executive officer owned 2,701,370 shares of the company’s stock, valued at approximately $215,488,284.90. The trade was a 1.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sean Maduck sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was 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 owned 7,904 shares in the company, valued at approximately $628,526.08. This trade represents a 71.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 129,500 shares of company stock worth $8,665,500. 20.50% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $39.63 on Wednesday. The firm’s 50 day simple moving average is $52.17 and its 200 day simple moving average is $67.68. The company has a current ratio of 3.14, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. Corcept Therapeutics Incorporated has a 1-year low of $32.99 and a 1-year high of $117.33. The firm has a market capitalization of $4.17 billion, a PE ratio of 45.03 and a beta of 0.25.

About Corcept Therapeutics

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.