KLP Kapitalforvaltning AS Reduces Position in Corcept Therapeutics Incorporated $CORT

Key Points

• KLP Kapitalforvaltning AS has reduced its stake in Corcept Therapeutics by 24.2%, now holding 19,400 shares worth approximately $1.42 million.
• Insider transactions include Jeff Douglas Lyon selling 5,823 shares and CEO Joseph K. Belanoff selling 40,000 shares, indicating significant movements among company leadership.
• Corcept Therapeutics recently reported a net margin of 18.51% and a year-over-year revenue increase of 18.7%, with an EPS of $0.29 surpassing expectations.

KLP Kapitalforvaltning AS cut its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 24.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,400 shares of the biotechnology company's stock after selling 6,200 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Corcept Therapeutics were worth $1,424,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Focus Partners Wealth grew its holdings in shares of Corcept Therapeutics by 0.5% during the first quarter. Focus Partners Wealth now owns 33,243 shares of the biotechnology company's stock valued at $3,797,000 after buying an additional 170 shares during the last quarter. Brooklyn Investment Group boosted its holdings in Corcept Therapeutics by 99.5% in the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock valued at $43,000 after purchasing an additional 186 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Corcept Therapeutics by 3.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company's stock valued at $909,000 after purchasing an additional 230 shares during the last quarter. Revisor Wealth Management LLC boosted its holdings in Corcept Therapeutics by 10.2% in the second quarter. Revisor Wealth Management LLC now owns 2,821 shares of the biotechnology company's stock valued at $203,000 after purchasing an additional 260 shares during the last quarter. Finally, Evergreen Capital Management LLC boosted its holdings in Corcept Therapeutics by 3.8% in the first quarter. Evergreen Capital Management LLC now owns 7,158 shares of the biotechnology company's stock valued at $818,000 after purchasing an additional 265 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 5,823 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.51, for a total transaction of $393,110.73. Following the completion of the transaction, the insider owned 10,066 shares in the company, valued at $679,555.66. This represents a 36.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $68.53, for a total transaction of $2,741,200.00. Following the transaction, the chief executive officer owned 2,861,370 shares of the company's stock, valued at approximately $196,089,686.10. This trade represents a 1.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 304,610 shares of company stock worth $22,713,516 in the last quarter. Company insiders own 20.50% of the company's stock.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock opened at $71.53 on Tuesday. The firm has a 50-day simple moving average of $75.57 and a two-hundred day simple moving average of $73.43. The company has a market cap of $7.54 billion, a P/E ratio of 63.30 and a beta of 0.46. Corcept Therapeutics Incorporated has a fifty-two week low of $42.01 and a fifty-two week 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, topping the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The firm had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. During the same quarter in the prior year, the firm earned $0.32 EPS. The company's revenue for the quarter was up 18.7% on a year-over-year basis. Corcept Therapeutics has set its FY 2025 guidance at EPS. Equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Analyst Upgrades and Downgrades

CORT has been the topic of several recent research reports. Wall Street Zen raised shares of Corcept Therapeutics from a "hold" rating to a "buy" rating in a report on Friday, September 26th. Zacks Research lowered shares of Corcept Therapeutics from a "hold" rating to a "strong sell" rating in a report on Wednesday, October 1st. Piper Sandler lowered their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a report on Friday, August 1st. HC Wainwright reaffirmed a "buy" rating and issued a $145.00 price target on shares of Corcept Therapeutics in a report on Friday. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $140.00 price target on shares of Corcept Therapeutics in a report on Thursday, September 25th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $135.25.

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.

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