Alliancebernstein L.P. Sells 33,775 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Alliancebernstein L.P. has reduced its stake in Corcept Therapeutics by 19.8% during the 1st quarter, now owning approximately $15.66 million worth of shares.
• Several large investors, including Brooklyn Investment Group and MassMutual Private Wealth & Trust FSB, have increased their holdings in Corcept Therapeutics, indicating significant institutional interest.
• Corcept Therapeutics reported a Q2 EPS of $0.29, surpassing estimates, with a revenue of $194.43 million for the quarter, showcasing strong financial performance.

Alliancebernstein L.P. cut its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 19.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 137,094 shares of the biotechnology company's stock after selling 33,775 shares during the period. Alliancebernstein L.P. owned about 0.13% of Corcept Therapeutics worth $15,659,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CORT. Deutsche Bank AG grew its holdings in shares of Corcept Therapeutics by 48.5% in the fourth quarter. Deutsche Bank AG now owns 73,600 shares of the biotechnology company's stock valued at $3,709,000 after acquiring an additional 24,051 shares in the last quarter. Ensign Peak Advisors Inc grew its holdings in Corcept Therapeutics by 29.9% during the fourth quarter. Ensign Peak Advisors Inc now owns 47,929 shares of the biotechnology company's stock valued at $2,415,000 after purchasing an additional 11,040 shares during the period. Focus Partners Wealth grew its holdings in Corcept Therapeutics by 2.1% during the fourth quarter. Focus Partners Wealth now owns 33,073 shares of the biotechnology company's stock valued at $1,667,000 after purchasing an additional 675 shares during the period. Gotham Asset Management LLC grew its holdings in Corcept Therapeutics by 2.8% during the fourth quarter. Gotham Asset Management LLC now owns 19,137 shares of the biotechnology company's stock valued at $964,000 after purchasing an additional 523 shares during the period. Finally, Lazard Asset Management LLC grew its holdings in Corcept Therapeutics by 7.6% during the fourth quarter. Lazard Asset Management LLC now owns 20,000 shares of the biotechnology company's stock valued at $1,006,000 after purchasing an additional 1,410 shares during the period. 93.61% of the stock is owned by institutional investors.

Corcept Therapeutics Stock Down 4.6%

Shares of CORT stock traded down $3.34 on Monday, reaching $69.53. The company's stock had a trading volume of 697,967 shares, compared to its average volume of 1,261,457. The stock's 50 day simple moving average is $70.62 and its 200-day simple moving average is $69.76. Corcept Therapeutics Incorporated has a 12-month low of $37.82 and a 12-month high of $117.33. The company has a market capitalization of $7.33 billion, a P/E ratio of 61.53 and a beta of 0.29.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly 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. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The business had revenue of $194.43 million for the quarter, compared to the consensus estimate of $199.40 million. During the same quarter last year, the business posted $0.32 earnings per share. The company's revenue for the quarter was up 18.7% on a year-over-year basis. Corcept Therapeutics has set its FY 2025 guidance at EPS. Research analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Piper Sandler reduced their price objective on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Canaccord Genuity Group increased their price objective on Corcept Therapeutics from $137.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Corcept Therapeutics presently has an average rating of "Buy" and a consensus price target of $135.25.

Insider Buying and Selling

In related news, insider William Guyer sold 35,007 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $71.77, for a total value of $2,512,452.39. Following the sale, the insider directly owned 5,487 shares of the company's stock, valued at $393,801.99. This trade represents a 86.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joseph Douglas Lyon sold 5,823 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $67.51, for a total value of $393,110.73. Following the completion of the sale, the insider directly owned 10,066 shares in the company, valued at $679,555.66. The trade was a 36.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 222,215 shares of company stock valued at $15,572,699 over the last three months. 20.80% of the stock is owned by corporate insiders.

About Corcept Therapeutics

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.