Corcept Therapeutics Incorporated $CORT Stake Trimmed by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue cut its Corcept Therapeutics stake by 44.6% in the third quarter, selling 17,891 shares and retaining 22,216 shares valued at approximately $2.56 million. Institutional investors collectively own 93.61% of the stock.
• Corcept insiders sold 454,748 shares worth about $52.8 million over the past 90 days, including substantial sales by executives Roberto Vieira and Joseph Lyon.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $138.17, despite one downgrade to “underperform.” The company recently exceeded quarterly earnings and revenue estimates, reporting $0.36 EPS and $256.15 million in revenue.

State of Alaska Department of Revenue lowered its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 44.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 22,216 shares of the biotechnology company's stock after selling 17,891 shares during the quarter. State of Alaska Department of Revenue's holdings in Corcept Therapeutics were worth $2,558,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CORT. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Corcept Therapeutics during the second quarter valued at approximately $27,000. State of Wyoming lifted its stake in Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock worth $33,000 after acquiring an additional 186 shares during the period. 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 acquiring an additional 400 shares in the last quarter. SHP Wealth Management bought a new stake in Corcept Therapeutics in the fourth quarter valued at $72,000. Finally, IFP Advisors Inc boosted its holdings in Corcept Therapeutics by 568.4% in the second quarter. IFP Advisors Inc now owns 909 shares of the biotechnology company's stock valued at $79,000 after acquiring an additional 773 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider Roberto Vieira sold 8,333 shares of Corcept Therapeutics stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $116.10, for a total transaction of $967,461.30. Following the completion of the transaction, the insider directly owned 3,946 shares of the company's stock, valued at $458,130.60. This trade represents a 67.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Joseph Lyon sold 9,190 shares of the business's stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $116.13, for a total transaction of $1,067,234.70. Following the sale, the insider directly owned 5,683 shares in the company, valued at $659,966.79. The trade was a 61.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 454,748 shares of company stock valued at $52,786,210 over the last 90 days. 20.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on CORT. Wolfe Research downgraded shares of Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective on the stock. in a research report on Monday, July 27th. Piper Sandler reaffirmed an "overweight" rating and issued a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. Weiss Ratings raised shares of Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, September 24th. Canaccord Genuity Group lifted their target price on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Finally, Truist Financial started coverage on shares of Corcept Therapeutics in a research report on Tuesday, August 18th. They set a "buy" rating and a $164.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $138.17.

Corcept Therapeutics Price Performance

Shares of CORT stock opened at $110.16 on Monday. The business's fifty day moving average is $115.66 and its 200 day moving average is $87.03. The stock has a market cap of $11.91 billion, a price-to-earnings ratio of 262.29 and a beta of 0.40. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $126.38.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%. The business had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. During the same quarter last year, the firm posted $0.29 earnings per share. The company's revenue for the quarter was up 31.7% on a year-over-year basis. Equities research analysts expect that Corcept Therapeutics Incorporated will post 1.83 earnings per share for the current fiscal year.

Corcept Therapeutics Profile

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering, developing and commercializing medicines that modulate the glucocorticoid receptor. The company's research is based on the role of excess cortisol activity in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept's principal commercial product is Korlym (mifepristone), a 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 had unsuccessful surgery.

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