Corcept Therapeutics Incorporated (NASDAQ:CORT) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 7.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 228,012 shares of the biotechnology company's stock after buying an additional 16,546 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.22% of Corcept Therapeutics worth $26,044,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. MassMutual Private Wealth & Trust FSB raised its stake in shares of Corcept Therapeutics by 102.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after acquiring an additional 313 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Corcept Therapeutics in the 4th quarter valued at about $40,000. National Bank of Canada FI purchased a new position in shares of Corcept Therapeutics in the 4th quarter valued at about $42,000. Gen Wealth Partners Inc purchased a new position in shares of Corcept Therapeutics in the 4th quarter valued at about $67,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Corcept Therapeutics during the fourth quarter worth about $69,000. Institutional investors and hedge funds own 93.61% of the company's stock.

Insider Activity

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $82.86, for a total value of $3,314,400.00. Following the transaction, the chief executive officer directly owned 2,901,985 shares of the company's stock, valued at approximately $240,458,477.10. The trade was a 1.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider William Guyer sold 20,000 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $72.42, for a total transaction of $1,448,400.00. Following the completion of the sale, the insider owned 5,487 shares of the company's stock, valued at approximately $397,368.54. The trade was a 78.47% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 225,233 shares of company stock valued at $17,014,551. 20.80% of the stock is currently owned by company insiders.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock traded up $1.31 during midday trading on Friday, hitting $72.65. 675,773 shares of the company's stock were exchanged, compared to its average volume of 1,180,525. The stock has a market cap of $7.70 billion, a price-to-earnings ratio of 62.63 and a beta of 0.15. Corcept Therapeutics Incorporated has a 12-month low of $29.42 and a 12-month high of $117.33. The firm's 50 day simple moving average is $72.87 and its 200 day simple moving average is $65.87.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The firm had revenue of $157.21 million for the quarter, compared to analysts' expectations of $177.93 million. During the same quarter in the previous year, the firm posted $0.25 EPS. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. On average, equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CORT. Canaccord Genuity Group raised their target price on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a report on Tuesday, April 1st. Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, May 6th. HC Wainwright lowered their target price on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Piper Sandler lifted their price target on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a report on Thursday, April 3rd. Finally, Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $138.25.

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.