Corcept Therapeutics Incorporated $CORT Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP reduced its Corcept Therapeutics stake by 81.1% in the second quarter, selling 15,841 shares and retaining 3,683 shares valued at approximately $320,000. Institutional investors collectively own 93.61% of the company.
• Corcept reported strong quarterly results, with EPS of $0.36 versus estimates of $0.02 and revenue of $256.15 million, up 31.7% year over year and above expectations.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $138.17, although insiders sold 446,415 shares worth approximately $50.7 million over the past 90 days.

Engineers Gate Manager LP lessened its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 81.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,683 shares of the biotechnology company's stock after selling 15,841 shares during the period. Engineers Gate Manager LP's holdings in Corcept Therapeutics were worth $320,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of CORT. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Corcept Therapeutics during the second quarter valued at approximately $27,000. State of Wyoming grew its stake in shares of Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock valued at $33,000 after acquiring an additional 186 shares in the last quarter. Hantz Financial Services Inc. lifted its stake in shares of Corcept Therapeutics by 113.7% in the fourth quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company's stock worth $34,000 after acquiring an additional 524 shares in the last quarter. Gould Capital LLC boosted its holdings in Corcept Therapeutics by 66.7% in the first quarter. Gould Capital LLC now owns 1,000 shares of the biotechnology company's stock valued at $40,000 after purchasing an additional 400 shares during the last quarter. Finally, SHP Wealth Management purchased a new position in Corcept Therapeutics in the fourth quarter valued at about $72,000. Hedge funds and other institutional investors own 93.61% of the company's stock.

Insiders Place Their Bets

In other news, insider Sean Maduck sold 25,000 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $114.43, for a total transaction of $2,860,750.00. Following the completion of the transaction, the insider directly owned 9,755 shares in the company, valued at approximately $1,116,264.65. The trade was a 71.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kimberly Park sold 26,685 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total value of $3,270,246.75. Following the transaction, the director owned 30,000 shares of the company's stock, valued at approximately $3,676,500. The trade was a 47.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 446,415 shares of company stock valued at $50,674,595 over the last 90 days. Company insiders own 20.70% of the company's stock.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $116.10 on Friday. The firm's 50 day simple moving average is $111.21 and its 200-day simple moving average is $78.03. The company has a market cap of $12.55 billion, a P/E ratio of 276.44 and a beta of 0.45. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $126.38.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. During the same quarter in the previous year, the business earned $0.29 earnings per share. The firm's revenue was up 31.7% compared to the same quarter last year. On average, analysts expect that Corcept Therapeutics Incorporated will post 1.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CORT has been the topic of several analyst reports. Weiss Ratings upgraded Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday. Canaccord Genuity Group lifted their price target on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Wolfe Research cut shares of Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price target on the stock. in a report on Monday, July 27th. HC Wainwright reiterated a "buy" rating and set a $165.00 price objective on shares of Corcept Therapeutics in a research note on Friday, September 18th. Finally, Wall Street Zen raised shares of Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 1st. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $138.17.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering and developing medicines that modulate the effects of the stress hormone cortisol. The company's research centers on the glucocorticoid receptor, which regulates cortisol activity and may play a role in metabolic, psychiatric, oncologic and other serious diseases.

Corcept's commercial product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing's syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.

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