Cetera Investment Advisers Decreases Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Cetera Investment Advisers lessened its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 62.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 8,374 shares of the biotechnology company's stock after selling 13,674 shares during the period. Cetera Investment Advisers' holdings in Corcept Therapeutics were worth $956,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Wells Fargo & Company MN increased its stake in Corcept Therapeutics by 104.5% during the 4th quarter. Wells Fargo & Company MN now owns 90,137 shares of the biotechnology company's stock valued at $4,542,000 after purchasing an additional 46,067 shares in the last quarter. Federated Hermes Inc. increased its stake in Corcept Therapeutics by 107.1% during the 4th quarter. Federated Hermes Inc. now owns 13,870 shares of the biotechnology company's stock valued at $699,000 after purchasing an additional 7,172 shares in the last quarter. Bank of Montreal Can increased its stake in Corcept Therapeutics by 8.9% during the 4th quarter. Bank of Montreal Can now owns 13,678 shares of the biotechnology company's stock valued at $689,000 after purchasing an additional 1,122 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in Corcept Therapeutics by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company's stock valued at $426,000 after purchasing an additional 268 shares in the last quarter. Finally, Mariner LLC increased its stake in Corcept Therapeutics by 13.6% during the 4th quarter. Mariner LLC now owns 13,362 shares of the biotechnology company's stock valued at $673,000 after purchasing an additional 1,601 shares in the last quarter. Institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Stock Performance

NASDAQ CORT traded down $0.25 during mid-day trading on Friday, reaching $71.75. 692,631 shares of the stock were exchanged, compared to its average volume of 861,727. The business's 50 day moving average is $71.22 and its 200-day moving average is $69.27. Corcept Therapeutics Incorporated has a 1 year low of $33.34 and a 1 year high of $117.33. The company has a market capitalization of $7.56 billion, a P/E ratio of 63.50 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. The business had revenue of $194.43 million for the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The company's revenue was up 18.7% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share. Equities analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CORT has been the topic of a number of research reports. Canaccord Genuity Group cut their price objective on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a research note on Friday, August 1st. 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 note on Friday, August 1st. HC Wainwright cut their price objective on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. Finally, Wall Street Zen downgraded shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Corcept Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $134.50.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 35,007 shares of the stock in a transaction 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 of the company's stock, valued at $520,694.99. This trade represents a 82.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of the 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 transaction, the chief executive officer directly owned 2,901,985 shares in the company, valued at approximately $240,458,477.10. The trade was a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 222,215 shares of company stock valued at $16,311,201. 20.80% of the stock is currently owned by company insiders.

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.