Corcept Therapeutics Incorporated $CORT Stake Raised by Envestnet Portfolio Solutions Inc.

Key Points

• Envestnet Portfolio Solutions Inc. raised its stake in Corcept Therapeutics by 193.6% in Q2, increasing its holdings to 14,896 shares valued at approximately $1.09 million.
• Corcept Therapeutics reported $194.43 million in revenue for the latest quarter, representing an 18.7% year-over-year increase, despite earnings per share of $0.29 slightly exceeding analysts' expectations.
• Insider selling has been notable, with CEO Joseph K. Belanoff selling 40,000 shares for over $3.4 million, leading to a 1.42% decrease in their holdings.

Envestnet Portfolio Solutions Inc. increased its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 193.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,896 shares of the biotechnology company's stock after acquiring an additional 9,822 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Corcept Therapeutics were worth $1,093,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Brooklyn Investment Group lifted 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 acquiring an additional 186 shares in the last quarter. USA Financial Formulas purchased a new stake in shares of Corcept Therapeutics during the 2nd quarter worth about $56,000. Farther Finance Advisors LLC raised its stake in shares of Corcept Therapeutics by 277.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 910 shares of the biotechnology company's stock worth $67,000 after purchasing an additional 669 shares in the last quarter. Covestor Ltd raised its stake in shares of Corcept Therapeutics by 1,741.2% during 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. Finally, IFP Advisors Inc raised its stake in shares of Corcept Therapeutics by 1,150.8% during 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. 93.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CORT has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Corcept Therapeutics in a research note on Wednesday, October 8th. Piper Sandler cut their price target on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Zacks Research downgraded Corcept Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 1st. Wall Street Zen downgraded Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, HC Wainwright reaffirmed a "buy" rating and set a $145.00 price target on shares of Corcept Therapeutics in a research note on Friday, October 10th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $135.25.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT opened at $78.69 on Friday. The firm has a market cap of $8.29 billion, a price-to-earnings ratio of 69.64 and a beta of 0.46. The business's 50-day simple moving average is $76.01 and its 200-day simple moving average is $73.04. Corcept Therapeutics Incorporated has a 52 week low of $42.01 and a 52 week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. The business had revenue of $194.43 million for 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 in the prior year, the firm posted $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $85.08, for a total value of $3,403,200.00. Following the sale, the chief executive officer owned 2,781,370 shares of the company's stock, valued at $236,638,959.60. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $84.75, for a total value of $423,750.00. Following the completion of the sale, the insider directly owned 10,277 shares in the company, valued at $870,975.75. This trade represents a 32.73% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 292,451 shares of company stock worth $21,850,930. Insiders own 20.80% of the company's stock.

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.

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