Corcept Therapeutics Incorporated $CORT Shares Sold by Evanson Asset Management LLC

Key Points

• Evanson Asset Management LLC reduced its stake in Corcept Therapeutics by 24.8%, now holding 15,718 shares valued at approximately $1.15 million.
• Insider trading showed significant activity, with insiders selling a combined 222,215 shares worth nearly $15.6 million in the last three months, reducing ownership considerably.
• Analysts have a consensus buy rating on the stock, with a new average target price set at $135.25, indicating potential upside from current trading levels.

Evanson Asset Management LLC cut its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 24.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,718 shares of the biotechnology company's stock after selling 5,197 shares during the quarter. Evanson Asset Management LLC's holdings in Corcept Therapeutics were worth $1,154,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CORT. Parallel Advisors LLC grew its stake in Corcept Therapeutics by 3.7% during the 1st quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock valued at $453,729,000 after purchasing an additional 142,784 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Corcept Therapeutics by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 2,136,510 shares of the biotechnology company's stock valued at $243,708,000 after buying an additional 57,942 shares during the last quarter. Invesco Ltd. increased its holdings in Corcept Therapeutics by 76.5% in the 1st quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock worth $142,345,000 after buying an additional 540,101 shares during the period. Northern Trust Corp raised its position in Corcept Therapeutics by 0.6% during the 1st quarter. Northern Trust Corp now owns 1,022,001 shares of the biotechnology company's stock worth $116,733,000 after buying an additional 6,486 shares during the last quarter. Finally, Cerity Partners LLC lifted its stake in Corcept Therapeutics by 1.1% during the 1st quarter. Cerity Partners LLC now owns 614,794 shares of the biotechnology company's stock valued at $70,222,000 after acquiring an additional 6,848 shares during the period. Institutional investors and hedge funds own 93.61% of the company's stock.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider William Guyer sold 35,007 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $71.77, for a total value of $2,512,452.39. Following the sale, the insider directly owned 5,487 shares in the company, valued at approximately $393,801.99. This trade represents a 86.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Maduck sold 35,007 shares of Corcept Therapeutics stock in a transaction dated 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 completion of the transaction, the insider owned 7,681 shares of the company's stock, valued at $520,694.99. The trade was a 82.01% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 222,215 shares of company stock worth $15,572,699. 20.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on CORT shares. Canaccord Genuity Group raised their target price on shares of Corcept Therapeutics from $137.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday, September 10th. Piper Sandler lowered their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Corcept Therapeutics currently has a consensus rating of "Buy" and a consensus price target of $135.25.

Corcept Therapeutics Stock Up 4.1%

Shares of CORT opened at $83.32 on Wednesday. Corcept Therapeutics Incorporated has a 52-week low of $42.01 and a 52-week high of $117.33. The stock has a fifty day simple moving average of $71.52 and a two-hundred day simple moving average of $70.66. The company has a market capitalization of $8.78 billion, a PE ratio of 73.74 and a beta of 0.29.

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, topping analysts' consensus estimates of $0.23 by $0.06. The business had revenue of $194.43 million during 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 business's revenue was up 18.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal 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.

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