Corcept Therapeutics Incorporated (NASDAQ:CORT) Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE reduced its holdings in Corcept Therapeutics by 21.4% in the first quarter, selling 4,205 shares and bringing their total to 15,478 shares, valued at approximately $1.77 million.
• CEO Joseph K. Belanoff sold 40,000 shares of the company at an average price of $82.86, resulting in a total transaction of over $3.3 million, which decreased his ownership by 1.36%.
• Corcept Therapeutics reported earnings of $0.29 per share for the last quarter, exceeding analysts' expectations, though the revenue of $194.43 million fell short of the estimated $199.40 million.

US Bancorp DE trimmed its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 21.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,478 shares of the biotechnology company's stock after selling 4,205 shares during the period. US Bancorp DE's holdings in Corcept Therapeutics were worth $1,768,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CORT. GAMMA Investing LLC increased its stake in Corcept Therapeutics by 12,888.9% during the 1st quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock valued at $44,448,000 after purchasing an additional 386,152 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Corcept Therapeutics by 12.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock valued at $69,381,000 after acquiring an additional 153,100 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Corcept Therapeutics by 3.7% in the first 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 in the last quarter. D. E. Shaw & Co. Inc. grew its holdings in shares of Corcept Therapeutics by 12.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 886,576 shares of the biotechnology company's stock valued at $44,675,000 after purchasing an additional 98,512 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Corcept Therapeutics by 10.2% in the fourth 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 in the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Performance

NASDAQ CORT traded up $0.82 during trading hours on Friday, reaching $72.30. The company's stock had a trading volume of 666,838 shares, compared to its average volume of 886,694. The stock has a market cap of $7.62 billion, a PE ratio of 63.98 and a beta of 0.20. The company's 50-day moving average is $70.97 and its two-hundred day moving average is $68.93. Corcept Therapeutics Incorporated has a fifty-two week low of $33.34 and a fifty-two week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. The company had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The firm's quarterly revenue was up 18.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 EPS. Equities analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider Sean Maduck sold 35,007 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the completion of the sale, the insider owned 7,681 shares of the company's stock, valued at approximately $520,694.99. This represents a 82.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the sale, the chief executive officer directly owned 2,901,985 shares of the company's stock, valued at approximately $240,458,477.10. This trade represents a 1.36% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 246,822 shares of company stock worth $18,221,432. 20.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Truist Financial set a $135.00 price target on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. Piper Sandler reduced 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. HC Wainwright dropped their price objective on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Wall Street Zen cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Finally, Canaccord Genuity Group lowered their price target on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a research note on Friday, August 1st. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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.