UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 14,725 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• UBS Asset Management reduced its Corcept Therapeutics stake by 6.8%, selling 14,725 shares and retaining 202,743 shares worth approximately $17.6 million. Institutional investors and hedge funds collectively own 93.61% of the company.
• Analyst sentiment remains positive, with five Buy ratings, two Holds and one Sell. Corcept has a consensus rating of Moderate Buy and an average price target of $138.17.
• Corcept reported quarterly earnings of $0.36 per share, well above the $0.02 consensus estimate, while revenue rose 31.7% year over year to $256.15 million. The stock opened at $111.62, near its 52-week high of $126.38.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 6.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 202,743 shares of the biotechnology company's stock after selling 14,725 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.19% of Corcept Therapeutics worth $17,629,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Royal Bank of Canada boosted its stake in Corcept Therapeutics by 18.9% during the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company's stock valued at $1,757,000 after purchasing an additional 2,444 shares during the period. Amundi bought a new position in Corcept Therapeutics in the 1st quarter worth approximately $450,000. NewEdge Advisors LLC acquired a new position in shares of Corcept Therapeutics during the first quarter worth approximately $518,000. EverSource Wealth Advisors LLC boosted its position in shares of Corcept Therapeutics by 273.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company's stock valued at $106,000 after acquiring an additional 1,055 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of Corcept Therapeutics by 795.3% in the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company's stock valued at $3,391,000 after acquiring an additional 41,040 shares during the period. 93.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CORT shares. Weiss Ratings raised shares of Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 20th. Piper Sandler restated an "overweight" rating and issued a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. HC Wainwright boosted their price objective on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Wolfe Research lowered shares of Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective for the company. in a research report on Monday, July 27th. Finally, Truist Financial started coverage on shares of Corcept Therapeutics in a research note on Tuesday, August 18th. They issued a "buy" rating and a $164.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $138.17.

Corcept Therapeutics Stock Performance

NASDAQ:CORT opened at $111.62 on Friday. The company has a 50-day moving average of $104.13 and a 200-day moving average of $69.89. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $126.38. The company has a market capitalization of $12.07 billion, a price-to-earnings ratio of 265.77 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.34. The business had revenue of $256.15 million for the quarter, compared to analysts' expectations of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm's revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.29 earnings per share. Sell-side analysts forecast that Corcept Therapeutics Incorporated will post 1.77 EPS for the current year.

Insiders Place Their Bets

In other Corcept Therapeutics news, Director Kimberly Park sold 26,685 shares of the company's stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total value of $3,270,246.75. Following the sale, the director directly owned 30,000 shares in the company, valued at $3,676,500. This represents a 47.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James Wilson sold 10,000 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $111.43, for a total value of $1,114,300.00. Following the transaction, the director owned 1,074,543 shares of the company's stock, valued at $119,736,326.49. This represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 496,119 shares of company stock worth $54,171,553 over the last quarter. Corporate insiders own 20.70% of the company's stock.

Corcept Therapeutics Company 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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