Aberdeen Group plc Sells 127,341 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Aberdeen Group plc has reduced its holdings in Corcept Therapeutics by 29.2%, now owning 308,554 shares valued at approximately $35.24 million.
• Corcept Therapeutics reported a quarterly EPS of $0.29, exceeding analysts' expectations of $0.23, although its revenue of $194.43 million fell short of the anticipated $199.40 million.
• Insiders sold a combined total of 222,215 shares of Corcept Therapeutics stock in the last three months, with significant decreases in ownership reported by two insiders.

Aberdeen Group plc trimmed its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 29.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 308,554 shares of the biotechnology company's stock after selling 127,341 shares during the period. Aberdeen Group plc owned approximately 0.29% of Corcept Therapeutics worth $35,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in CORT. Jupiter Asset Management Ltd. lifted its holdings in shares of Corcept Therapeutics by 8,176.0% in the 1st quarter. Jupiter Asset Management Ltd. now owns 603,903 shares of the biotechnology company's stock valued at $68,978,000 after buying an additional 596,606 shares during the period. Invesco Ltd. increased its holdings in Corcept Therapeutics by 76.5% during the 1st quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock worth $142,345,000 after purchasing an additional 540,101 shares during the period. GAMMA Investing LLC lifted its holdings in Corcept Therapeutics by 12,888.9% during the 1st quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock worth $44,448,000 after buying an additional 386,152 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Corcept Therapeutics in the 1st quarter valued at about $35,580,000. Finally, Cookson Peirce & Co. Inc. grew its stake in shares of Corcept Therapeutics by 544.3% in the 1st quarter. Cookson Peirce & Co. Inc. now owns 235,819 shares of the biotechnology company's stock valued at $26,935,000 after purchasing an additional 199,216 shares during the last quarter. Institutional investors own 93.61% of the company's stock.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 35,007 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.79, for a total value of $2,373,124.53. Following the completion of the transaction, the insider directly owned 7,681 shares of the company's stock, valued at approximately $520,694.99. The trade was a 82.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the completion of the transaction, the chief executive officer owned 2,901,985 shares in the company, valued at $240,458,477.10. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 222,215 shares of company stock worth $16,311,201. 20.80% of the stock is currently owned by company insiders.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded down $0.54 during mid-day trading on Friday, reaching $70.44. The company had a trading volume of 246,760 shares, compared to its average volume of 1,312,834. Corcept Therapeutics Incorporated has a 12-month low of $33.34 and a 12-month high of $117.33. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of 62.34 and a beta of 0.20. The stock has a fifty day moving average of $71.18 and a two-hundred day moving average of $69.40.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The company had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. During the same period last year, the company earned $0.32 earnings per share. The business's revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Piper Sandler dropped their price objective on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, May 6th. HC Wainwright cut their target price on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Finally, Canaccord Genuity Group cut their target price 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. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $134.50.

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.