Oak Ridge Investments LLC Sells 8,452 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Oak Ridge Investments LLC reduced its holdings in Corcept Therapeutics by 29.2%, selling 8,452 shares and now owning 20,539 shares worth approximately $2.35 million.
• Insider trading activity includes Joseph Douglas Lyon selling 5,823 shares for about $393,110, and insiders collectively sold 281,829 shares valued at over $20 million in the last quarter.
• Corcept Therapeutics reported earnings of $0.29 per share for the last quarter, exceeding estimates, while the company saw an 18.7% year-over-year revenue increase to $194.43 million.

Oak Ridge Investments LLC decreased its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 29.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 20,539 shares of the biotechnology company's stock after selling 8,452 shares during the period. Oak Ridge Investments LLC's holdings in Corcept Therapeutics were worth $2,346,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Canada Pension Plan Investment Board purchased a new position in shares of Corcept Therapeutics during the 4th quarter worth approximately $40,000. Gen Wealth Partners Inc purchased a new position in shares of Corcept Therapeutics during the 4th quarter worth approximately $67,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Corcept Therapeutics by 102.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after acquiring an additional 313 shares during the period. Covestor Ltd grew its holdings 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 acquiring an additional 592 shares during the period. Finally, IFP Advisors Inc grew its stake in shares of Corcept Therapeutics by 1,150.8% in the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock worth $84,000 after buying an additional 679 shares during the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Insider Buying and Selling

In related news, insider Joseph Douglas Lyon sold 5,823 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $67.51, for a total value of $393,110.73. Following the transaction, the insider directly owned 10,066 shares of the company's stock, valued at approximately $679,555.66. This trade represents a 36.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $82.86, for a total value of $3,314,400.00. Following the completion of the transaction, the chief executive officer directly owned 2,901,985 shares in the company, valued at approximately $240,458,477.10. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 222,215 shares of company stock valued at $16,311,201 in the last 90 days. 20.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CORT. Wall Street Zen downgraded Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. HC Wainwright cut their price target on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Piper Sandler cut their price target on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Truist Financial set a $135.00 price target on Corcept Therapeutics in a research note on Tuesday, May 6th. Finally, Canaccord Genuity Group cut their target price on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a research note on Friday, August 1st. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $134.50.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded down $1.5840 during midday trading on Tuesday, hitting $70.1760. 149,142 shares of the stock traded hands, compared to its average volume of 1,326,286. The firm has a 50-day moving average of $71.24 and a two-hundred day moving average of $69.36. The firm has a market capitalization of $7.39 billion, a P/E ratio of 62.15 and a beta of 0.20. Corcept Therapeutics Incorporated has a one year low of $33.34 and a one year high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share 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 for the quarter, compared to analysts' expectations of $199.40 million. During the same period in the prior year, the firm earned $0.32 EPS. The company's revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. Equities analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

About Corcept Therapeutics

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.