Cresset Asset Management LLC Trims Position in Corcept Therapeutics Incorporated $CORT

Key Points

• Cresset Asset Management LLC reduced its holdings in Corcept Therapeutics by 7.2%, owning 92,805 shares valued at $10.6 million as of the latest SEC filing.
• Institutional investors now own 93.61% of Corcept Therapeutics, with significant stakes increased by firms like Jupiter Asset Management and Invesco Ltd. during the first quarter.
• Corcept Therapeutics reported an earnings per share (EPS) of $0.29 for the last quarter, exceeding estimates, while revenue was up 18.7% year-over-year but fell short of expectations.

Cresset Asset Management LLC cut its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 7.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 92,805 shares of the biotechnology company's stock after selling 7,170 shares during the quarter. Cresset Asset Management LLC owned about 0.09% of Corcept Therapeutics worth $10,600,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CORT. Canada Pension Plan Investment Board bought a new position in Corcept Therapeutics in the 4th quarter worth $40,000. Gen Wealth Partners Inc bought a new position in shares of Corcept Therapeutics in the 4th quarter worth about $67,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Corcept Therapeutics by 102.0% in 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 in the last quarter. Covestor Ltd increased its stake in shares of Corcept Therapeutics by 1,741.2% in the 1st quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock worth $72,000 after acquiring an additional 592 shares in the last quarter. Finally, IFP Advisors Inc increased 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 acquiring an additional 679 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Trading Down 0.8%

NASDAQ:CORT traded down $0.58 on Friday, reaching $70.40. 272,518 shares of the stock traded hands, compared to its average volume of 1,313,131. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of 62.30 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. The company's fifty day simple moving average is $71.18 and its 200 day simple moving average is $69.40.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. The business had revenue of $194.43 million during the quarter, compared to analyst estimates of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. Corcept Therapeutics's revenue was up 18.7% compared to the same quarter last year. During the same period last year, the business earned $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. Equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Activity

In other news, insider Sean Maduck sold 35,007 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $67.79, for a total value of $2,373,124.53. Following the transaction, the insider owned 7,681 shares of the company's stock, valued at approximately $520,694.99. The trade was a 82.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $82.86, for a total transaction 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 $240,458,477.10. This trade represents a 1.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 222,215 shares of company stock worth $16,311,201 over the last ninety days. Company insiders own 20.80% of the company's stock.

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.