Corcept Therapeutics Incorporated (NASDAQ:CORT) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 1.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 583,093 shares of the biotechnology company's stock after selling 6,678 shares during the period. Bank of New York Mellon Corp owned 0.55% of Corcept Therapeutics worth $66,601,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio grew its position in Corcept Therapeutics by 269.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock valued at $144,000 after buying an additional 2,086 shares during the period. HighTower Advisors LLC lifted its holdings in Corcept Therapeutics by 30.7% during the fourth quarter. HighTower Advisors LLC now owns 93,677 shares of the biotechnology company's stock valued at $4,720,000 after purchasing an additional 22,011 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new position in Corcept Therapeutics during the first quarter valued at $331,000. JPMorgan Chase & Co. lifted its stake in shares of Corcept Therapeutics by 2.7% in the fourth quarter. JPMorgan Chase & Co. now owns 259,902 shares of the biotechnology company's stock worth $13,096,000 after buying an additional 6,832 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Corcept Therapeutics in the fourth quarter worth about $12,084,000. Institutional investors and hedge funds own 93.61% of the company's stock.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the business's stock in a transaction that occurred on 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 directly owned 5,487 shares in the company, valued at $397,368.54. The trade was a 78.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the completion of the transaction, the chief executive officer owned 2,901,985 shares of the company's stock, valued at $240,458,477.10. This trade represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 225,233 shares of company stock valued at $17,016,443 over the last quarter. Company insiders own 20.50% of the company's stock.

Corcept Therapeutics Price Performance

CORT traded down $1.28 during midday trading on Tuesday, reaching $71.49. 715,445 shares of the company's stock were exchanged, compared to its average volume of 1,186,829. The stock has a market capitalization of $7.58 billion, a PE ratio of 61.63 and a beta of 0.15. Corcept Therapeutics Incorporated has a 1-year low of $31.46 and a 1-year high of $117.33. The business's 50-day moving average price is $72.67 and its 200 day moving average price is $66.60.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.17. Corcept Therapeutics had a net margin of 19.33% and a return on equity of 20.40%. The firm 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 firm earned $0.25 earnings per share. Corcept Therapeutics's revenue was up 7.1% compared to the same quarter last year. As a group, analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

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