Bank of America Corp DE Has $4.97 Million Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Bank of America Corp DE lowered its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 38.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 98,654 shares of the biotechnology company's stock after selling 62,711 shares during the period. Bank of America Corp DE owned 0.09% of Corcept Therapeutics worth $4,971,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CORT. Black Diamond Financial LLC boosted its holdings in shares of Corcept Therapeutics by 4.0% during the fourth quarter. Black Diamond Financial LLC now owns 5,200 shares of the biotechnology company's stock worth $262,000 after acquiring an additional 200 shares during the period. Quadrant Capital Group LLC boosted its holdings in shares of Corcept Therapeutics by 9.5% during the fourth quarter. Quadrant Capital Group LLC now owns 2,969 shares of the biotechnology company's stock worth $150,000 after acquiring an additional 257 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of Corcept Therapeutics by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company's stock worth $426,000 after acquiring an additional 268 shares during the period. Arizona State Retirement System boosted its holdings in shares of Corcept Therapeutics by 1.1% during the fourth quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company's stock worth $1,374,000 after acquiring an additional 289 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its holdings in shares of Corcept Therapeutics by 0.8% during the fourth quarter. Illinois Municipal Retirement Fund now owns 47,527 shares of the biotechnology company's stock worth $2,395,000 after acquiring an additional 368 shares during the period. Institutional investors own 93.61% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 421 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $60.58, for a total transaction of $25,504.18. Following the sale, the insider now owns 9,009 shares of the company's stock, valued at approximately $545,765.22. The trade was a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph K. Belanoff sold 1,974 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $60.83, for a total transaction of $120,078.42. Following the sale, the chief executive officer now directly owns 3,017,437 shares in the company, valued at approximately $183,550,692.71. The trade was a 0.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 275,125 shares of company stock worth $23,619,296 over the last three months. Corporate insiders own 20.80% of the company's stock.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT traded down $5.88 during midday trading on Monday, reaching $71.68. The company's stock had a trading volume of 6,056,158 shares, compared to its average volume of 1,141,842. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. Corcept Therapeutics Incorporated has a fifty-two week low of $28.04 and a fifty-two week high of $117.33. The business's 50 day moving average price is $72.82 and its two-hundred day moving average price is $63.53. The company has a market cap of $7.60 billion, a P/E ratio of 56.89 and a beta of 0.22.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, meeting the consensus estimate of $0.17. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The business had revenue of $157.21 million during the quarter, compared to the consensus estimate of $177.93 million. During the same period in the previous year, the business earned $0.25 earnings per share. The company's revenue was up 7.1% on a year-over-year basis. On average, analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

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.