Sei Investments Co. Sells 62,377 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Sei Investments reduced its Corcept Therapeutics stake by 65.8%, selling 62,377 shares and retaining 32,379 shares valued at approximately $1.3 million. Despite the sale, institutional investors own 93.61% of the company.
• Corcept reported quarterly EPS of $0.36, exceeding estimates of $0.02, while revenue rose 31.7% year over year to $256.15 million. The stock opened at $111.86, near its 52-week high of $122.21.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $119.17, although insiders sold 385,545 shares worth $33.2 million over the past three months.

Sei Investments Co. trimmed its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 65.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,379 shares of the biotechnology company's stock after selling 62,377 shares during the period. Sei Investments Co.'s holdings in Corcept Therapeutics were worth $1,305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. First Trust Advisors LP increased its position in shares of Corcept Therapeutics by 213.5% during the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company's stock worth $87,609,000 after acquiring an additional 1,480,059 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Corcept Therapeutics by 546.9% in the third quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company's stock valued at $125,264,000 after purchasing an additional 1,274,215 shares during the period. Geode Capital Management LLC grew its stake in Corcept Therapeutics by 38.0% in the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company's stock worth $92,892,000 after purchasing an additional 734,646 shares in the last quarter. Norges Bank bought a new position in Corcept Therapeutics in the fourth quarter worth approximately $24,213,000. Finally, UBS Group AG increased its holdings in Corcept Therapeutics by 413.8% during the 3rd quarter. UBS Group AG now owns 549,938 shares of the biotechnology company's stock worth $45,705,000 after purchasing an additional 442,898 shares during the period. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Stock Performance

CORT stock opened at $111.86 on Wednesday. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $122.21. The firm has a market cap of $12.09 billion, a price-to-earnings ratio of 266.34 and a beta of 0.45. The firm has a 50-day simple moving average of $91.00 and a two-hundred day simple moving average of $60.63.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.34. The firm had revenue of $256.15 million for the quarter, compared to the consensus estimate of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The company's quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.29 EPS. As a group, equities analysts predict that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current fiscal year.

Insider Activity

In other news, insider William Guyer sold 20,000 shares of the company's stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $93.13, for a total transaction of $1,862,600.00. Following the transaction, the insider directly owned 3,985 shares of the company's stock, valued at approximately $371,123.05. This represents a 83.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sean Maduck sold 75,000 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $65.59, for a total value of $4,919,250.00. Following the sale, the insider owned 8,977 shares of the company's stock, valued at approximately $588,801.43. This represents a 89.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 385,545 shares of company stock valued at $33,151,584 over the last three months. Company insiders own 20.70% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CORT shares. Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. Truist Financial raised Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. UBS Group set a $135.00 price target on Corcept Therapeutics in a research note on Thursday, May 28th. Wolfe Research downgraded Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective for the company. in a report on Monday, July 27th. Finally, Wall Street Zen raised shares of Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $119.17.

Corcept Therapeutics Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

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