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. reduced its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,031,724 shares of the biotechnology company's stock after selling 19,836 shares during the period. Charles Schwab Investment Management Inc. owned 0.97% of Corcept Therapeutics worth $117,844,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Parallel Advisors LLC raised its holdings in Corcept Therapeutics by 3.7% during the first 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 in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Corcept Therapeutics by 12.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock valued at $69,381,000 after buying an additional 153,100 shares in the last quarter. Northern Trust Corp raised its holdings in Corcept Therapeutics by 10.2% during the fourth quarter. Northern Trust Corp now owns 1,015,515 shares of the biotechnology company's stock valued at $51,172,000 after buying an additional 94,128 shares in the last quarter. D. E. Shaw & Co. Inc. raised its holdings in Corcept Therapeutics by 12.5% during the fourth 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 in the last quarter. Finally, Cerity Partners LLC raised its holdings in Corcept Therapeutics by 1.1% during the first quarter. Cerity Partners LLC now owns 614,794 shares of the biotechnology company's stock valued at $70,222,000 after buying an additional 6,848 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Stock Performance

NASDAQ CORT traded down $0.25 during trading on Friday, reaching $71.75. 692,631 shares of the company traded hands, compared to its average volume of 861,727. The stock's 50 day moving average price is $71.22 and its two-hundred day moving average price is $69.27. The company has a market cap of $7.56 billion, a price-to-earnings ratio of 63.50 and a beta of 0.20. Corcept Therapeutics Incorporated has a 1-year low of $33.34 and a 1-year high of $117.33.

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

Insider Activity

In other news, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $82.86, for a total value of $3,314,400.00. Following the completion of the transaction, the chief executive officer 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William Guyer sold 35,007 shares of Corcept Therapeutics stock in a transaction that occurred 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 owned 5,487 shares of the company's stock, valued at $393,801.99. This trade represents a 86.45% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 222,215 shares of company stock worth $16,311,201. 20.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on CORT. Piper Sandler lowered their price target on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. HC Wainwright lowered 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. Canaccord Genuity Group lowered their price target on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a research report on Friday, August 1st. Truist Financial set a $135.00 price target on Corcept Therapeutics in a research report on Tuesday, May 6th. Finally, Wall Street Zen downgraded Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $134.50.

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.