Capital Fund Management S.A. Sells 12,867 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Capital Fund Management S.A. reduced its holdings in Corcept Therapeutics by 10.6%, selling 12,867 shares and now owning 108,139 shares valued at approximately $12.35 million.
• Insider transactions showed significant sales, with CEO Joseph K. Belanoff selling 40,000 shares for about $2.74 million, representing a 1.38% decrease in his ownership.
• Corcept Therapeutics reported a quarterly revenue increase of 18.7% year-over-year, with an EPS of $0.29, surpassing analysts' expectations.

Capital Fund Management S.A. cut its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 10.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 108,139 shares of the biotechnology company's stock after selling 12,867 shares during the period. Capital Fund Management S.A. owned 0.10% of Corcept Therapeutics worth $12,352,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new position in shares of Corcept Therapeutics in the fourth quarter worth about $40,000. Brooklyn Investment Group raised its stake in shares of Corcept Therapeutics by 99.5% during the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after buying an additional 186 shares during the last quarter. Gen Wealth Partners Inc bought a new position in shares of Corcept Therapeutics during the 4th quarter valued at about $67,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after purchasing an additional 313 shares during the period. Finally, Covestor Ltd grew its position in shares of Corcept Therapeutics by 1,741.2% in the 1st quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock valued at $72,000 after purchasing an additional 592 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CORT shares. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Piper Sandler cut their price objective on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Canaccord Genuity Group reduced their price objective on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a research report on Friday, August 1st. 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 research report on Tuesday, May 6th. Finally, Truist Financial set a $135.00 price objective on Corcept Therapeutics in a research report on Tuesday, May 6th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of "Buy" and an average target price of $134.50.

Corcept Therapeutics Trading Down 1.4%

CORT stock traded down $0.9910 during mid-day trading on Monday, reaching $69.3390. 514,990 shares of the stock traded hands, compared to its average volume of 1,311,630. The stock's fifty day moving average is $71.18 and its 200-day moving average is $69.44. The company has a market cap of $7.31 billion, a P/E ratio of 61.48 and a beta of 0.20. Corcept Therapeutics Incorporated has a 52-week low of $33.34 and a 52-week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. The business had revenue of $194.43 million during the quarter, compared to analyst estimates of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The firm's revenue was up 18.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. Equities research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider William Guyer sold 35,007 shares of Corcept Therapeutics stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $71.77, for a total transaction of $2,512,452.39. Following the completion of the sale, the insider directly owned 5,487 shares in the company, valued at $393,801.99. The trade was a 86.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sean Maduck sold 35,007 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the transaction, the insider directly owned 7,681 shares in the company, valued at approximately $520,694.99. The trade was a 82.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 222,215 shares of company stock valued at $16,311,201 over the last ninety days. Insiders own 20.80% of the company's stock.

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.