AlphaQuest LLC Sells 4,146 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• AlphaQuest LLC sold 4,146 shares of Corcept Therapeutics, reducing its position by 55.3%, leaving it with 3,347 shares valued at approximately $382,000.
• Several institutional investors increased their stakes in Corcept Therapeutics during the first quarter, with Brooklyn Investment Group boosting its position by 99.5% and Covestor Ltd by 1,741.2%.
• Corcept Therapeutics reported $0.29 earnings per share in its latest quarter, beating analysts' estimates, but its revenue of $194.43 million was slightly below the consensus forecast of $199.40 million.

AlphaQuest LLC cut its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 55.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,347 shares of the biotechnology company's stock after selling 4,146 shares during the quarter. AlphaQuest LLC's holdings in Corcept Therapeutics were worth $382,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Brooklyn Investment Group boosted its stake in Corcept Therapeutics by 99.5% in the 1st quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after purchasing an additional 186 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after purchasing an additional 313 shares in the last quarter. Covestor Ltd boosted its stake in Corcept Therapeutics by 1,741.2% in the 1st quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock worth $72,000 after purchasing an additional 592 shares in the last quarter. IFP Advisors Inc boosted its stake in Corcept Therapeutics by 1,150.8% in the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock worth $84,000 after purchasing an additional 679 shares in the last quarter. Finally, Gen Wealth Partners Inc bought a new position in Corcept Therapeutics in the 4th quarter worth about $67,000. Institutional investors own 93.61% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. HC Wainwright dropped their price target 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. Canaccord Genuity Group lowered their target price 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. Wall Street Zen cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Piper Sandler lowered their target price 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. Finally, Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. Five analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and an average price target of $134.50.

Insider Activity

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $71.08, for a total transaction of $156,376.00. The transaction 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 stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $67.79, for a total value of $2,373,124.53. Following the transaction, the insider owned 7,681 shares of the company's stock, valued at $520,694.99. This represents a 82.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 157,215 shares of company stock worth $11,025,001. 20.50% of the stock is owned by corporate insiders.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded up $0.14 during midday trading on Monday, hitting $69.72. 397,600 shares of the company's stock traded hands, compared to its average volume of 705,366. The firm has a fifty day moving average of $71.00 and a 200 day moving average of $69.44. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of 61.70 and a beta of 0.29. 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 earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, topping 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 company had revenue of $194.43 million during the quarter, compared to analyst estimates of $199.40 million. During the same period in the prior year, the firm posted $0.32 EPS. The firm's quarterly revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

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.