Intellectus Partners LLC Sells 7,808 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Intellectus Partners LLC reduced its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 15.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,051 shares of the biotechnology company's stock after selling 7,808 shares during the quarter. Corcept Therapeutics makes up approximately 1.2% of Intellectus Partners LLC's holdings, making the stock its 15th biggest position. Intellectus Partners LLC's holdings in Corcept Therapeutics were worth $4,803,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CORT. Norges Bank bought a new position in shares of Corcept Therapeutics in the fourth quarter valued at $42,055,000. GAMMA Investing LLC grew its stake in shares of Corcept Therapeutics by 12,888.9% in the first quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock valued at $44,448,000 after buying an additional 386,152 shares in the last quarter. Braun Stacey Associates Inc. bought a new position in shares of Corcept Therapeutics in the fourth quarter valued at $14,935,000. Raymond James Financial Inc. bought a new position in shares of Corcept Therapeutics in the fourth quarter valued at $12,084,000. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Corcept Therapeutics by 12.5% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock valued at $69,381,000 after buying an additional 153,100 shares in the last quarter. 93.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on CORT shares. Piper Sandler raised their price target on Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a report on Thursday, April 3rd. Truist Financial set a $135.00 price target on Corcept Therapeutics in a report on Tuesday, May 6th. Wall Street Zen downgraded Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Canaccord Genuity Group raised their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a report on Tuesday, April 1st. Finally, HC Wainwright dropped their target price on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $138.25.

Corcept Therapeutics Price Performance

CORT stock traded up $0.59 during midday trading on Friday, reaching $69.60. The company had a trading volume of 972,774 shares, compared to its average volume of 1,148,681. The company has a market capitalization of $7.38 billion, a price-to-earnings ratio of 55.24 and a beta of 0.19. The stock has a 50 day moving average price of $72.03 and a 200-day moving average price of $63.83. Corcept Therapeutics Incorporated has a 1-year low of $28.04 and a 1-year high of $117.33. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, meeting analysts' consensus estimates of $0.17. The business had revenue of $157.21 million during the quarter, compared to the consensus estimate of $177.93 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. Corcept Therapeutics's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Equities research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 100,000 shares of the business's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $100.54, for a total transaction of $10,054,000.00. Following the completion of the transaction, the insider now owns 85,622 shares of the company's stock, valued at approximately $8,608,435.88. The trade was a 53.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 2,901,985 shares of the company's stock, valued at approximately $240,458,477.10. The trade was a 1.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 340,125 shares of company stock valued at $28,905,496 over the last quarter. 20.80% of the stock is owned by corporate insiders.

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.