Campbell Newman Asset Management Inc. Trims Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Campbell Newman Asset Management Inc. trimmed its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 32.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,985 shares of the biotechnology company's stock after selling 16,142 shares during the quarter. Campbell Newman Asset Management Inc.'s holdings in Corcept Therapeutics were worth $3,768,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of CORT. Kestra Investment Management LLC bought a new stake in shares of Corcept Therapeutics in the 4th quarter worth approximately $27,000. Canada Pension Plan Investment Board bought a new stake in shares of Corcept Therapeutics in the 4th quarter worth approximately $40,000. National Bank of Canada FI bought a new stake in shares of Corcept Therapeutics in the 4th quarter worth approximately $42,000. Principal Securities Inc. grew its position in shares of Corcept Therapeutics by 63.6% in the 4th quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company's stock worth $63,000 after buying an additional 483 shares during the last quarter. Finally, Gen Wealth Partners Inc bought a new stake in shares of Corcept Therapeutics in the 4th quarter worth approximately $67,000. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Stock Performance

NASDAQ:CORT traded down $1.12 during mid-day trading on Friday, hitting $70.06. 1,008,383 shares of the company traded hands, compared to its average volume of 1,140,717. The stock's fifty day moving average price is $71.48 and its 200-day moving average price is $64.38. Corcept Therapeutics Incorporated has a one year low of $28.04 and a one year high of $117.33. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The firm has a market cap of $7.43 billion, a price-to-earnings ratio of 55.60 and a beta of 0.19.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 earnings per share for the quarter, hitting analysts' consensus estimates of $0.17. The firm had revenue of $157.21 million during the quarter, compared to analyst estimates of $177.93 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.25 earnings per share. Research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Joseph K. Belanoff sold 1,974 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $60.83, for a total value 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. This represents a 0.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $70.22, for a total value of $154,484.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 362,325 shares of company stock worth $30,509,238. Insiders own 20.80% of the company's stock.

Wall Street Analyst Weigh In

CORT has been the topic of a number of recent analyst reports. Truist Financial set a $135.00 price objective on Corcept Therapeutics in a research report on Tuesday, May 6th. Piper Sandler lifted their price target on Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a research report on Thursday, April 3rd. Canaccord Genuity Group lifted their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a research report on Tuesday, April 1st. HC Wainwright dropped their price target on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Finally, Wall Street Zen lowered 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 given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $138.25.

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.