AQR Capital Management LLC Sells 23,561 Shares of Corcept Therapeutics Incorporated $CORT

AQR Capital Management LLC cut its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 8.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 253,030 shares of the biotechnology company's stock after selling 23,561 shares during the period. AQR Capital Management LLC owned approximately 0.24% of Corcept Therapeutics worth $28,901,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CORT. Brooklyn Investment Group grew its holdings in Corcept Therapeutics by 99.5% during the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock valued at $43,000 after purchasing an additional 186 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Corcept Therapeutics by 3.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company's stock worth $909,000 after buying an additional 230 shares during the period. Evergreen Capital Management LLC grew its stake in Corcept Therapeutics by 3.8% in the 1st quarter. Evergreen Capital Management LLC now owns 7,158 shares of the biotechnology company's stock valued at $818,000 after buying an additional 265 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after acquiring an additional 313 shares during the period. Finally, GAMMA Investing LLC lifted its position in Corcept Therapeutics by 13.7% during the 1st quarter. GAMMA Investing LLC now owns 3,407 shares of the biotechnology company's stock worth $389,000 after acquiring an additional 411 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock traded down $2.55 during midday trading on Friday, hitting $71.78. 180,022 shares of the company were exchanged, compared to its average volume of 1,261,788. The firm has a market cap of $7.56 billion, a P/E ratio of 63.41 and a beta of 0.29. Corcept Therapeutics Incorporated has a 52 week low of $35.87 and a 52 week high of $117.33. The firm has a 50 day simple moving average of $70.62 and a 200-day simple moving average of $69.57.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. The company had revenue of $194.43 million during 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%.The business's revenue was up 18.7% on a year-over-year basis. During the same period last year, the business earned $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. Equities research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Activity

In related news, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $68.53, for a total transaction of $2,741,200.00. Following the completion of the transaction, the chief executive officer directly owned 2,861,370 shares of the company's stock, valued at $196,089,686.10. This trade represents a 1.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider William Guyer sold 35,007 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $71.77, for a total transaction of $2,512,452.39. Following the completion of the transaction, the insider owned 5,487 shares of the company's stock, valued at $393,801.99. This trade represents a 86.45% decrease in their position. 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. Company insiders own 20.80% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CORT. Canaccord Genuity Group boosted their price objective on Corcept Therapeutics from $137.00 to $140.00 and gave the stock a "buy" rating in a research report on Wednesday. Piper Sandler reduced their price target 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. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price 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.