Erste Asset Management GmbH Invests $2.09 Million in Corcept Therapeutics Incorporated $CORT

Key Points

• Erste Asset Management GmbH acquired 18,300 shares of Corcept Therapeutics, valued at approximately $2.09 million, in its latest 13F filing with the SEC.
• Insider transactions revealed significant reductions in ownership, with Sean Maduck and William Guyer each selling 35,007 shares, representing an 82.01% and 86.45% decrease in their positions, respectively.
• Analysts have adjusted their ratings and price targets for Corcept Therapeutics, with the average target now at $134.50, while Wall Street Zen downgraded the stock from "buy" to "hold."

Erste Asset Management GmbH purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 18,300 shares of the biotechnology company's stock, valued at approximately $2,090,000.

A number of other hedge funds also recently modified their holdings of CORT. Mariner LLC raised its position in shares of Corcept Therapeutics by 13.6% during the fourth quarter. Mariner LLC now owns 13,362 shares of the biotechnology company's stock worth $673,000 after purchasing an additional 1,601 shares during the period. Guggenheim Capital LLC acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth about $281,000. Canada Pension Plan Investment Board acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth about $40,000. CANADA LIFE ASSURANCE Co raised its position in shares of Corcept Therapeutics by 17.8% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 104,734 shares of the biotechnology company's stock worth $5,271,000 after purchasing an additional 15,838 shares during the period. Finally, MetLife Investment Management LLC raised its position in shares of Corcept Therapeutics by 4.7% during the fourth quarter. MetLife Investment Management LLC now owns 48,844 shares of the biotechnology company's stock worth $2,461,000 after purchasing an additional 2,186 shares during the period. Institutional investors and hedge funds own 93.61% of the company's stock.

Corcept Therapeutics Price Performance

CORT stock traded down $1.51 during mid-day trading on Monday, reaching $68.82. The company had a trading volume of 881,784 shares, compared to its average volume of 1,314,225. The stock has a 50 day simple moving average of $71.18 and a two-hundred day simple moving average of $69.44. The company has a market capitalization of $7.25 billion, a price-to-earnings ratio of 60.90 and a beta of 0.20. Corcept Therapeutics Incorporated has a 52 week low of $33.34 and a 52 week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The business's revenue was up 18.7% compared to the same quarter last year. During the same period last year, the company earned $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, equities analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction that occurred 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 approximately $240,458,477.10. The trade was a 1.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sean Maduck sold 35,007 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, August 1st. The stock was 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 $520,694.99. This represents a 82.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 222,215 shares of company stock valued at $16,311,201. 20.80% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CORT shares. Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Piper Sandler dropped their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Truist Financial set a $135.00 target price on Corcept Therapeutics in a research report on Tuesday, May 6th. HC Wainwright dropped their target price on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Finally, Canaccord Genuity Group dropped their target price on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a research report on Friday, August 1st. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $134.50.

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.