Charles Schwab Investment Management Inc. Sells 19,836 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Charles Schwab Investment Management Inc. has reduced its holdings in Corcept Therapeutics by 1.9%, selling 19,836 shares, which brings its total ownership to approximately 1,031,724 shares valued at $117.8 million.
• Insiders have been active, with CEO Joseph K. Belanoff selling 40,000 shares, decreasing his position by 1.38%, while a total of 244,622 shares worth $18 million have been sold by insiders over the past 90 days.
• Analysts maintain a consensus rating of "Moderate Buy" on Corcept Therapeutics, with an average target price of $134.50, despite some recent adjustments in price targets by various firms.

Charles Schwab Investment Management Inc. cut its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 1.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,031,724 shares of the biotechnology company's stock after selling 19,836 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.97% of Corcept Therapeutics worth $117,844,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Jupiter Asset Management Ltd. grew its stake in shares of Corcept Therapeutics by 8,176.0% during the first quarter. Jupiter Asset Management Ltd. now owns 603,903 shares of the biotechnology company's stock valued at $68,978,000 after purchasing an additional 596,606 shares during the last quarter. GAMMA Investing LLC lifted its position in Corcept Therapeutics by 12,888.9% in the 1st quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock valued at $44,448,000 after acquiring an additional 386,152 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Corcept Therapeutics by 12.5% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock valued at $69,381,000 after acquiring an additional 153,100 shares in the last quarter. Parallel Advisors LLC increased its stake in Corcept Therapeutics by 3.7% in the 1st quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock valued at $453,729,000 after buying an additional 142,784 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its stake in Corcept Therapeutics by 12.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 886,576 shares of the biotechnology company's stock valued at $44,675,000 after buying an additional 98,512 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CORT shares. HC Wainwright lowered 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 report on Tuesday, May 6th. Wall Street Zen downgraded shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Canaccord Genuity Group cut their price target on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a report on Friday, August 1st. Finally, Piper Sandler cut their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $134.50.

Insider Activity at Corcept Therapeutics

In related news, 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 of the company's stock, valued at $240,458,477.10. This represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Guyer sold 35,007 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $71.77, for a total transaction of $2,512,452.39. Following the completion of the transaction, the insider directly owned 5,487 shares in the company, valued at $393,801.99. This trade represents a 86.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 222,215 shares of company stock valued at $16,311,201 in the last ninety days. Insiders own 20.80% of the company's stock.

Corcept Therapeutics Price Performance

CORT stock traded down $0.29 during trading on Friday, reaching $71.71. 262,215 shares of the company were exchanged, compared to its average volume of 1,336,042. Corcept Therapeutics Incorporated has a twelve month low of $33.34 and a twelve month high of $117.33. The company has a 50-day moving average of $71.17 and a two-hundred day moving average of $69.20. The company has a market capitalization of $7.56 billion, a price-to-earnings ratio of 63.43 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results 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. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The firm had revenue of $194.43 million during the quarter, compared to analysts' expectations of $199.40 million. During the same period in the prior year, the company posted $0.32 EPS. The company's revenue was up 18.7% on a year-over-year basis. On average, analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

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.