Raymond James Financial Inc. Sells 161,889 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Raymond James Financial Inc. reduced its stake in Corcept Therapeutics by 67.5%, owning approximately $8.90 million worth of stock after selling 161,889 shares in the first quarter.
• Several hedge funds increased their holdings in Corcept Therapeutics, including MassMutual Private Wealth & Trust FSB, which raised its position by 102%, now owning shares valued at $71,000.
• Wall Street analysts have a consensus rating of "Buy" for Corcept Therapeutics, with a price target set at $134.50, despite some analysts adjusting their targets downward.

Raymond James Financial Inc. cut its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 67.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,914 shares of the biotechnology company's stock after selling 161,889 shares during the quarter. Raymond James Financial Inc. owned 0.07% of Corcept Therapeutics worth $8,899,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in CORT. Price T Rowe Associates Inc. MD grew its position in Corcept Therapeutics by 3.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 54,753 shares of the biotechnology company's stock valued at $2,760,000 after buying an additional 1,825 shares during the period. Northern Trust Corp grew its position in Corcept Therapeutics by 10.2% during the fourth quarter. Northern Trust Corp now owns 1,015,515 shares of the biotechnology company's stock valued at $51,172,000 after buying an additional 94,128 shares during the period. Comerica Bank grew its position in Corcept Therapeutics by 1.6% during the fourth quarter. Comerica Bank now owns 38,641 shares of the biotechnology company's stock valued at $1,947,000 after buying an additional 600 shares during the period. AXA S.A. grew its position in Corcept Therapeutics by 204.0% during the fourth quarter. AXA S.A. now owns 29,840 shares of the biotechnology company's stock valued at $1,504,000 after buying an additional 20,023 shares during the period. Finally, Ancora Advisors LLC grew its position in Corcept Therapeutics by 2,653.1% during the fourth quarter. Ancora Advisors LLC now owns 16,188 shares of the biotechnology company's stock valued at $816,000 after buying an additional 15,600 shares during the period. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Price Performance

Shares of CORT traded down $1.82 during midday trading on Thursday, hitting $69.52. The stock had a trading volume of 191,210 shares, compared to its average volume of 1,281,020. Corcept Therapeutics Incorporated has a 1 year low of $33.66 and a 1 year high of $117.33. The firm has a market cap of $7.33 billion, a PE ratio of 61.52 and a beta of 0.29. The stock's 50 day moving average is $70.75 and its 200 day moving average is $69.45.

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, beating 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 business had revenue of $194.43 million for the quarter, compared to the consensus estimate of $199.40 million. During the same quarter in the prior year, the firm posted $0.32 earnings per share. The business'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. As a group, equities research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In other news, insider William Guyer sold 35,007 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $71.77, for a total value of $2,512,452.39. Following the transaction, the insider directly owned 5,487 shares in the company, valued at approximately $393,801.99. This represents a 86.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Sean Maduck sold 35,007 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the completion of the transaction, the insider owned 7,681 shares in the company, valued at approximately $520,694.99. The trade was a 82.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 157,215 shares of company stock valued at $11,025,001. Company insiders own 20.50% of the company's stock.

Wall Street Analysts Forecast Growth

CORT has been the subject of several recent research reports. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Piper Sandler dropped 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 report on Friday, August 1st. Finally, Canaccord Genuity Group dropped 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 report on Friday, August 1st. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $134.50.

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.