Bank of New York Mellon Corp Has $21.92 Million Stock Position in Corcept Therapeutics Incorporated $CORT

Bank of New York Mellon Corp lowered its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 6.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 543,757 shares of the biotechnology company's stock after selling 37,899 shares during the period. Bank of New York Mellon Corp owned approximately 0.51% of Corcept Therapeutics worth $21,919,000 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. Royal Bank of Canada lifted its position in Corcept Therapeutics by 18.9% during the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company's stock worth $1,757,000 after purchasing an additional 2,444 shares during the period. Amundi acquired a new position in shares of Corcept Therapeutics in the 1st quarter valued at approximately $450,000. NewEdge Advisors LLC acquired a new position in shares of Corcept Therapeutics in the 1st quarter valued at approximately $518,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Corcept Therapeutics by 273.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company's stock worth $106,000 after acquiring an additional 1,055 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of Corcept Therapeutics by 795.3% during the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company's stock worth $3,391,000 after acquiring an additional 41,040 shares during the period. Institutional investors and hedge funds own 93.61% of the company's stock.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $94.19 on Wednesday. The business has a 50 day moving average of $81.83 and a 200-day moving average of $55.40. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $97.63. The company has a market capitalization of $10.11 billion, a P/E ratio of 269.12 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The business had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. Corcept Therapeutics's revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.17 EPS. Equities analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

Insider Activity at Corcept Therapeutics

In related news, insider Sean Maduck sold 75,000 shares of Corcept Therapeutics stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $65.59, for a total value of $4,919,250.00. Following the transaction, the insider directly owned 8,977 shares of the company's stock, valued at $588,801.43. The trade was a 89.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James N. Wilson sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total value of $832,000.00. Following the completion of the sale, the director owned 1,094,543 shares in the company, valued at $91,065,977.60. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 300,000 shares of company stock valued at $22,088,050 over the last ninety days. Insiders own 20.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Zacks Research raised shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. Weiss Ratings reissued a "hold (c-)" rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Wolfe Research downgraded Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective for the company. in a research report on Monday. Canaccord Genuity Group lifted their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Finally, UBS Group set a $135.00 target price on Corcept Therapeutics in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $92.17.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

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