Vident Advisory LLC Sells 45,184 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Vident Advisory LLC reduced its stake in Corcept Therapeutics by 41.2%, selling over 45,000 shares in the first quarter, while still holding approximately $7.38 million in shares.
• Insider Joseph Douglas Lyon sold 5,823 shares of Corcept stock for about $393,110, indicating a 36.65% reduction in his ownership position.
• Corcept Therapeutics reported earnings of $0.29 per share, surpassing analysts' estimates, but its revenue was slightly below expectations at $194.43 million for the quarter.

Vident Advisory LLC lowered its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 41.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,594 shares of the biotechnology company's stock after selling 45,184 shares during the quarter. Vident Advisory LLC owned 0.06% of Corcept Therapeutics worth $7,378,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Brooklyn Investment Group boosted its position in Corcept Therapeutics by 99.5% in the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after purchasing an additional 186 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Corcept Therapeutics by 3.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company's stock worth $909,000 after purchasing an additional 230 shares during the last quarter. Evergreen Capital Management LLC lifted its position in shares of Corcept Therapeutics by 3.8% during the 1st quarter. Evergreen Capital Management LLC now owns 7,158 shares of the biotechnology company's stock valued at $818,000 after buying an additional 265 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of Corcept Therapeutics by 102.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after buying an additional 313 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Corcept Therapeutics by 13.7% during the 1st quarter. GAMMA Investing LLC now owns 3,407 shares of the biotechnology company's stock valued at $389,000 after buying an additional 411 shares during the last quarter. Institutional investors own 93.61% of the company's stock.

Insiders Place Their Bets

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction on Friday, August 1st. The stock was sold at an average price of $68.53, for a total value of $2,741,200.00. Following the completion of the sale, the chief executive officer owned 2,861,370 shares of the company's stock, valued at approximately $196,089,686.10. This trade represents a 1.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 5,823 shares of Corcept Therapeutics stock in a transaction on Friday, August 1st. The stock was sold at an average price of $67.51, for a total value of $393,110.73. Following the completion of the sale, the insider directly owned 10,066 shares of the company's stock, valued at approximately $679,555.66. The trade was a 36.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have 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 CORT traded down $1.42 on Thursday, reaching $69.92. The stock had a trading volume of 121,431 shares, compared to its average volume of 1,280,665. The firm has a market capitalization of $7.37 billion, a price-to-earnings ratio of 61.88 and a beta of 0.29. The company has a 50-day simple moving average of $70.75 and a 200-day simple moving average of $69.45. Corcept Therapeutics Incorporated has a 12-month low of $33.66 and a 12-month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted 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 during the quarter, compared to analyst estimates of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The firm's revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter last year, the company earned $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on CORT shares. Piper Sandler dropped 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. Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Finally, Canaccord Genuity Group decreased their target price on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a research note on Friday, August 1st. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $134.50.

About Corcept Therapeutics

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.