Corcept Therapeutics Incorporated $CORT Stock Sold by Curated Wealth Partners LLC

Key Points

• Curated Wealth Partners cut its Corcept Therapeutics stake by 90.9% in the third quarter, selling 31,828 shares and retaining 3,191 shares valued at approximately $368,000. Institutional investors and hedge funds collectively own 93.61% of the company.
• Insiders sold 454,748 shares worth approximately $52.8 million during the latest quarter, including substantial sales by insider Roberto Vieira and director David L. Mahoney.
• Analyst sentiment remains favorable, with Corcept receiving a consensus “Moderate Buy” rating and an average price target of $138.17. The company recently exceeded quarterly earnings and revenue expectations, reporting $0.36 EPS and $256.15 million in revenue.

Curated Wealth Partners LLC cut its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 90.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,191 shares of the biotechnology company's stock after selling 31,828 shares during the quarter. Curated Wealth Partners LLC's holdings in Corcept Therapeutics were worth $368,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Corcept Therapeutics in the 2nd quarter valued at about $27,000. State of Wyoming grew its holdings in Corcept Therapeutics by 29.5% during 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 period. IFP Advisors Inc grew its holdings in Corcept Therapeutics by 568.4% during the second quarter. IFP Advisors Inc now owns 909 shares of the biotechnology company's stock worth $79,000 after purchasing an additional 773 shares during the period. Freestone Grove Partners LP bought a new position in Corcept Therapeutics during the second quarter worth about $87,000. Finally, Gould Capital LLC increased its position in Corcept Therapeutics by 66.7% during the first quarter. Gould Capital LLC now owns 1,000 shares of the biotechnology company's stock worth $40,000 after buying an additional 400 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider Roberto Vieira sold 58,333 shares of the business's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $110.76, for a total value of $6,460,963.08. Following the completion of the sale, the insider owned 4,242 shares of the company's stock, valued at $469,843.92. The trade was a 93.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director David L. Mahoney sold 103,606 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the transaction, the director owned 1,133,539 shares in the company, valued at approximately $134,040,986.75. The trade was a 8.37% 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 in the last quarter. Company insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

CORT has been the subject of several research analyst reports. Canaccord Genuity Group lifted their target price on Corcept Therapeutics from $135.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 1st. Zacks Research upgraded Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 28th. Piper Sandler restated an "overweight" rating and issued a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Finally, Weiss Ratings raised Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Corcept Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $138.17.

Corcept Therapeutics Stock Down 2.8%

Corcept Therapeutics stock opened at $110.16 on Friday. The stock has a market cap of $11.91 billion, a P/E 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. The company's 50-day moving average price is $115.66 and its two-hundred day moving average price is $86.69.

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

Corcept Therapeutics Company 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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