Alliancebernstein L.P. Lowers Holdings in 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 stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 19.8% in the first quarter, according to its most recent disclosure with the SEC. The firm 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.

A number of other large investors also recently added to or reduced their stakes in the stock. Parallel Advisors LLC raised its position in Corcept Therapeutics by 3.7% during the first quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock worth $453,729,000 after acquiring an additional 142,784 shares during the period. Dimensional Fund Advisors LP raised its position in Corcept Therapeutics by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,136,510 shares of the biotechnology company's stock worth $243,708,000 after acquiring an additional 57,942 shares during the period. Invesco Ltd. raised its position in Corcept Therapeutics by 76.5% during the first quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock worth $142,345,000 after acquiring an additional 540,101 shares during the period. Northern Trust Corp raised its position in Corcept Therapeutics by 0.6% during the first quarter. Northern Trust Corp now owns 1,022,001 shares of the biotechnology company's stock worth $116,733,000 after acquiring an additional 6,486 shares during the period. Finally, Cerity Partners LLC raised its position in Corcept Therapeutics by 1.1% during the first quarter. Cerity Partners LLC now owns 614,794 shares of the biotechnology company's stock worth $70,222,000 after acquiring an additional 6,848 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Up 5.4%

Shares of CORT traded up $3.86 during trading on Wednesday, reaching $75.18. 1,114,486 shares of the company traded hands, compared to its average volume of 640,547. Corcept Therapeutics Incorporated has a twelve month low of $40.15 and a twelve month high of $117.33. The stock has a market cap of $7.92 billion, a PE ratio of 66.53 and a beta of 0.29. The stock has a 50-day simple moving average of $70.81 and a 200-day simple moving average of $69.87.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced 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 net margin of 18.51% and a return on equity of 20.10%. The business had revenue of $194.43 million during the quarter, compared to analysts' expectations of $199.40 million. During the same period last year, the business earned $0.32 earnings per share. The business'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. On average, equities research analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $70.53, for a total transaction of $2,821,200.00. Following the completion of the sale, the chief executive officer directly owned 2,821,370 shares in the company, valued at $198,991,226.10. This trade represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $72.45, for a total transaction of $159,390.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 222,215 shares of company stock valued at $15,572,699. 20.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Piper Sandler dropped their target price on shares of 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 upped their target price on shares of Corcept Therapeutics from $137.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday, September 10th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $135.25.

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.