Allspring Global Investments Holdings LLC Reduces Stake in Corcept Therapeutics Incorporated $CORT

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Corcept Therapeutics by 5.9%, owning 214,606 shares after selling 13,406 shares during the second quarter, which valued their holding at approximately $14.87 million.
• Multiple institutional investors increased their stakes in Corcept Therapeutics, with Brooklyn Investment Group and Covestor Ltd significantly boosting their holdings by 99.5% and 1,741%, respectively, during the same period.
• Corcept Therapeutics reported earnings of $0.29 per share, surpassing analysts' expectations, although its revenue was slightly below target at $194.43 million for the quarter.

Allspring Global Investments Holdings LLC decreased its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 5.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 214,606 shares of the biotechnology company's stock after selling 13,406 shares during the period. Allspring Global Investments Holdings LLC owned 0.20% of Corcept Therapeutics worth $14,874,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Brooklyn Investment Group lifted its holdings in Corcept Therapeutics by 99.5% during the 1st quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after purchasing an additional 186 shares in the last quarter. Covestor Ltd lifted its holdings in Corcept Therapeutics by 1,741.2% during the 1st quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock worth $72,000 after purchasing an additional 592 shares in the last quarter. IFP Advisors Inc lifted its holdings in Corcept Therapeutics by 1,150.8% during the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock worth $84,000 after purchasing an additional 679 shares in the last quarter. USA Financial Formulas purchased a new stake in Corcept Therapeutics during the 2nd quarter worth about $56,000. Finally, Farther Finance Advisors LLC lifted its holdings in Corcept Therapeutics by 277.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 910 shares of the biotechnology company's stock worth $67,000 after purchasing an additional 669 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Trading Down 1.0%

Shares of NASDAQ CORT opened at $78.69 on Friday. The stock has a market cap of $8.29 billion, a price-to-earnings ratio of 69.64 and a beta of 0.46. Corcept Therapeutics Incorporated has a 1-year low of $42.01 and a 1-year high of $117.33. The stock's 50-day moving average is $76.01 and its 200 day moving average is $73.11.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $194.43 million for the quarter, compared to analysts' expectations of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.Corcept Therapeutics's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In related news, insider Sean Maduck sold 35,007 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the transaction, the insider directly owned 7,681 shares in the company, valued at $520,694.99. This trade represents a 82.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph Douglas Lyon sold 5,823 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $67.51, for a total value of $393,110.73. Following the transaction, the insider owned 10,066 shares in the company, valued at approximately $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. In the last quarter, insiders sold 292,451 shares of company stock valued at $21,850,930. 20.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have weighed in on CORT shares. Zacks Research cut Corcept Therapeutics from a "hold" rating to a "strong sell" rating in a report on Wednesday, October 1st. Piper Sandler lowered their price target on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a report on Friday, August 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Corcept Therapeutics in a report on Wednesday, October 8th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $140.00 price target on shares of Corcept Therapeutics in a report on Thursday, September 25th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $145.00 price target on shares of Corcept Therapeutics in a report on Friday, October 10th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $135.25.

Corcept Therapeutics 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.

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