Corcept Therapeutics Incorporated (NASDAQ:CORT) Shares Sold by Mutual of America Capital Management LLC

Key Points

• Mutual of America Capital Management LLC reduced its holdings in Corcept Therapeutics by 4.8%, now owning approximately $23.9 million worth of shares.
• Insiders at Corcept Therapeutics have sold a total of 246,808 shares in the last quarter, with significant sales from CEO Joseph K. Belanoff and insider Sean Maduck.
• Corcept reported $0.29 EPS, exceeding expectations, but its revenue of $194.43 million was below the consensus estimate of $199.40 million.

Mutual of America Capital Management LLC reduced its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 4.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 209,358 shares of the biotechnology company's stock after selling 10,547 shares during the period. Mutual of America Capital Management LLC owned 0.20% of Corcept Therapeutics worth $23,913,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Corcept Therapeutics by 3.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company's stock valued at $909,000 after buying an additional 230 shares during the last quarter. Quadrant Capital Group LLC grew its stake in shares of Corcept Therapeutics by 9.5% during the fourth quarter. Quadrant Capital Group LLC now owns 2,969 shares of the biotechnology company's stock valued at $150,000 after buying an additional 257 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in shares of Corcept Therapeutics by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company's stock valued at $426,000 after buying an additional 268 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Corcept Therapeutics by 102.0% during the first 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 grew its stake in shares of Corcept Therapeutics by 13.7% during the first 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. 93.61% of the stock is owned by institutional investors.

Insider Activity at Corcept Therapeutics

In other news, insider Joseph Douglas Lyon sold 5,823 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $67.51, for a total transaction of $393,110.73. Following the sale, the insider directly owned 10,066 shares in the company, valued at $679,555.66. This trade represents a 36.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $68.53, for a total value of $2,741,200.00. Following the sale, the chief executive officer owned 2,861,370 shares in the company, valued at $196,089,686.10. This trade represents a 1.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 246,822 shares of company stock worth $18,221,432 in the last three months. Company insiders own 20.80% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Piper Sandler lowered their price target on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Truist Financial set a $135.00 price target on Corcept Therapeutics in a report on Tuesday, May 6th. HC Wainwright lowered their price target on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Canaccord Genuity Group lowered their price target on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a report on Friday, August 1st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $134.50.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock traded up $0.82 during mid-day trading on Friday, reaching $72.30. 666,838 shares of the company were exchanged, compared to its average volume of 1,361,928. The business has a fifty day moving average of $71.09 and a 200 day moving average of $68.78. The firm has a market cap of $7.62 billion, a P/E ratio of 63.98 and a beta of 0.20. Corcept Therapeutics Incorporated has a 12-month low of $33.34 and a 12-month 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 the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%. The firm had revenue of $194.43 million during the quarter, compared to analyst estimates of $199.40 million. During the same quarter in the prior year, the business posted $0.32 EPS. The business's revenue for the quarter was up 18.7% compared to the same quarter last year. Sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

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.