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

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

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CORT. Kestra Investment Management LLC purchased a new stake in Corcept Therapeutics in the 4th quarter worth approximately $27,000. Canada Pension Plan Investment Board purchased a new position in Corcept Therapeutics during the fourth quarter worth about $40,000. National Bank of Canada FI bought a new position in Corcept Therapeutics in the 4th quarter worth about $42,000. Principal Securities Inc. boosted its position in shares of Corcept Therapeutics by 63.6% during the 4th quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company's stock valued at $63,000 after acquiring an additional 483 shares during the last quarter. Finally, Gen Wealth Partners Inc purchased a new position in shares of Corcept Therapeutics during the fourth quarter worth about $67,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Up 1.3%

NASDAQ CORT traded up $0.95 during mid-day trading on Tuesday, reaching $71.85. The stock had a trading volume of 789,585 shares, compared to its average volume of 1,137,988. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. Corcept Therapeutics Incorporated has a 1 year low of $28.04 and a 1 year high of $117.33. The stock has a market cap of $7.62 billion, a PE ratio of 57.02 and a beta of 0.19. The company has a fifty day moving average price of $71.49 and a 200 day moving average price of $64.48.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, meeting analysts' consensus estimates 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 analysts' expectations of $177.93 million. During the same period in the prior year, the company earned $0.25 earnings per share. The firm's revenue was up 7.1% on a year-over-year basis. On average, research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Corcept Therapeutics news, insider Sean Maduck sold 100,000 shares of the company's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $100.54, for a total transaction of $10,054,000.00. Following the completion of the sale, the insider now owns 85,622 shares in the company, valued at $8,608,435.88. This represents a 53.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph Douglas Lyon sold 421 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $60.58, for a total value of $25,504.18. Following the sale, the insider now directly owns 9,009 shares in the company, valued at approximately $545,765.22. The trade was a 4.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 362,325 shares of company stock worth $30,509,238. 20.80% of the stock is owned by insiders.

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.