Corcept Therapeutics Incorporated (NASDAQ:CORT) Shares Sold by Royce & Associates LP

Key Points

• Royce & Associates LP has reduced its stake in Corcept Therapeutics by 44.0%, now owning approximately 0.18% of the company, valued at $21.62 million.
• Insider trading activity includes sales by CEO Joseph K. Belanoff and insider Sean Maduck, contributing to a total of 239,592 shares sold worth $18.07 million in the last ninety days.
• Corcept Therapeutics' shares have fluctuated, with a 52-week range between $32.33 and $117.33, and the stock currently trades at $68.29 after a recent increase.

Royce & Associates LP trimmed its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 44.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 189,314 shares of the biotechnology company's stock after selling 148,986 shares during the quarter. Royce & Associates LP owned about 0.18% of Corcept Therapeutics worth $21,623,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Corcept Therapeutics by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 10,115,624 shares of the biotechnology company's stock valued at $509,726,000 after purchasing an additional 109,294 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Corcept Therapeutics by 3.7% in the 1st quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock valued at $453,729,000 after purchasing an additional 142,784 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Corcept Therapeutics by 4.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,644,942 shares of the biotechnology company's stock valued at $82,889,000 after purchasing an additional 64,321 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Corcept Therapeutics by 12.5% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock valued at $69,381,000 after purchasing an additional 153,100 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Corcept Therapeutics by 10.2% in the 4th quarter. Northern Trust Corp now owns 1,015,515 shares of the biotechnology company's stock valued at $51,172,000 after purchasing an additional 94,128 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider William Guyer sold 32,262 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $74.17, for a total transaction of $2,392,872.54. Following the completion of the transaction, the insider directly owned 5,487 shares of the company's stock, valued at $406,970.79. The trade was a 85.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sean Maduck sold 26,554 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $72.23, for a total transaction of $1,917,995.42. Following the transaction, the insider directly owned 85,622 shares of the company's stock, valued at approximately $6,184,477.06. This trade represents a 23.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 239,592 shares of company stock worth $18,071,616. 20.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Tuesday, May 6th. Canaccord Genuity Group increased their price objective on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a research report on Tuesday, April 1st. Piper Sandler increased their price target on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a report on Thursday, April 3rd. Wall Street Zen downgraded shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, HC Wainwright cut their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock 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. Based on data from MarketBeat, Corcept Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.25.

Corcept Therapeutics Price Performance

NASDAQ:CORT traded up $1.61 during midday trading on Monday, hitting $69.90. The company's stock had a trading volume of 199,633 shares, compared to its average volume of 1,372,965. Corcept Therapeutics Incorporated has a fifty-two week low of $32.33 and a fifty-two week high of $117.33. The firm's 50 day moving average is $72.38 and its 200-day moving average is $67.95. The firm has a market cap of $7.41 billion, a P/E ratio of 60.26 and a beta of 0.15.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The firm had revenue of $157.21 million during the quarter, compared to analyst estimates of $177.93 million. Corcept Therapeutics had a net margin of 19.33% and a return on equity of 20.40%. The business's quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 EPS. As a group, analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

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.