Corcept Therapeutics Incorporated $CORT Stock Position Boosted by Nisa Investment Advisors LLC

Key Points

• Nisa Investment Advisors more than doubled its Corcept Therapeutics stake in the third quarter, raising holdings by 103.1% to 32,267 shares valued at approximately $3.7 million. Institutional investors collectively own 93.61% of the company.
• Corcept insiders have been selling shares, with directors Kimberly Park and David Mahoney among those reporting transactions; insiders sold 454,748 shares worth $52.8 million over the past three months.
• The company exceeded quarterly expectations, reporting $0.36 in EPS and $256.15 million in revenue, up 31.7% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $138.17, despite ratings ranging from “Strong Buy” to “Underperform.”

Nisa Investment Advisors LLC raised its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 103.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 32,267 shares of the biotechnology company's stock after acquiring an additional 16,376 shares during the quarter. Nisa Investment Advisors LLC's holdings in Corcept Therapeutics were worth $3,718,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CORT. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Corcept Therapeutics during the second quarter worth $27,000. State of Wyoming grew its stake in shares of 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 purchasing an additional 186 shares during the last quarter. Gould Capital LLC increased 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 period. IFP Advisors Inc increased 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 purchasing an additional 773 shares during the period. Finally, Freestone Grove Partners LP acquired a new stake in Corcept Therapeutics in the second quarter valued at $87,000. Institutional investors own 93.61% of the company's stock.

Insider Buying and Selling at Corcept Therapeutics

In related news, Director Kimberly Park sold 26,685 shares of the business's stock in a transaction on Wednesday, August 26th. The shares were 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 in the company, valued at $3,676,500. The trade was a 47.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Mahoney sold 103,606 shares of the company's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the sale, the director directly owned 1,133,539 shares in the company, valued at $134,040,986.75. This trade represents a 8.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 454,748 shares of company stock valued at $52,786,210 over the last three months. 20.70% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $85.86 on Friday. The firm has a market cap of $9.28 billion, a price-to-earnings ratio of 204.43 and a beta of 0.40. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $126.38. The firm has a 50 day moving average price of $115.15 and a two-hundred day moving average price of $89.02.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 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 company had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. During the same period in the prior year, the firm posted $0.29 EPS. The company's quarterly revenue was up 31.7% on a year-over-year basis. As a group, equities research analysts predict that Corcept Therapeutics Incorporated will post 1.83 EPS for the current fiscal year.

Analyst Ratings Changes

CORT has been the subject of several analyst reports. Weiss Ratings raised Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, September 24th. Truist Financial started coverage on Corcept Therapeutics in a research report on Tuesday, August 18th. They issued a "buy" rating and a $164.00 price target on the stock. Zacks Research upgraded Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 28th. Canaccord Genuity Group increased their price target on Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Finally, Wolfe Research cut Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price target for the company. in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Corcept Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $138.17.

About Corcept Therapeutics

Corcept Therapeutics Incorporated NASDAQ: CORT is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company's research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept's primary marketed 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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