GSA Capital Partners LLP Has $2.48 Million Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• GSA Capital Partners LLP reduced its stake in Corcept Therapeutics by 48.2%, holding 21,703 shares worth approximately $2.48 million after selling more than 20,000 shares.
• Key institutional investors such as Vanguard Group and Jacobs Levy Equity Management have increased their holdings in Corcept Therapeutics, with the majority of the stock, about 93.61%, owned by institutional investors.
• Corcept Therapeutics reported $157.21 million in quarterly revenue with earnings per share of $0.17, meeting analyst expectations, while also receiving various upgrades and downgrades from analysts regarding its stock rating.

GSA Capital Partners LLP lessened its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 48.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,703 shares of the biotechnology company's stock after selling 20,173 shares during the period. GSA Capital Partners LLP's holdings in Corcept Therapeutics were worth $2,479,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC boosted its position in shares of Corcept Therapeutics by 3.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company's stock worth $909,000 after acquiring an additional 230 shares in the last quarter. Quadrant Capital Group LLC raised its stake in Corcept Therapeutics by 9.5% during the fourth quarter. Quadrant Capital Group LLC now owns 2,969 shares of the biotechnology company's stock worth $150,000 after acquiring an additional 257 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in Corcept Therapeutics by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company's stock worth $426,000 after acquiring an additional 268 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Corcept Therapeutics by 102.0% during the first 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. Finally, GAMMA Investing LLC raised its stake in Corcept Therapeutics by 13.7% during the first quarter. GAMMA Investing LLC now owns 3,407 shares of the biotechnology company's stock worth $389,000 after acquiring an additional 411 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $78.04, for a total transaction of $390,200.00. Following the completion of the transaction, the insider owned 9,009 shares of the company's stock, valued at $703,062.36. This trade represents a 35.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics 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 transaction, the chief executive officer directly owned 2,901,985 shares of the company's stock, valued at $240,458,477.10. This represents a 1.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 173,038 shares of company stock valued at $13,237,621 over the last three months. 20.80% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock traded up $1.63 during midday trading on Friday, reaching $68.80. The company had a trading volume of 1,555,707 shares, compared to its average volume of 1,372,918. The stock has a fifty day moving average price of $71.81 and a 200 day moving average price of $68.21. The firm has a market cap of $7.30 billion, a PE ratio of 59.31 and a beta of 0.15. Corcept Therapeutics Incorporated has a fifty-two week low of $32.33 and a fifty-two week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. Corcept Therapeutics had a net margin of 19.33% and a return on equity of 20.40%. The business had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. During the same quarter last year, the firm earned $0.32 earnings per share. Corcept Therapeutics's quarterly revenue was up 18.7% on a year-over-year basis. As a group, sell-side analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Wall Street Analyst Weigh In

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

Corcept Therapeutics 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.