Vanguard Group Inc. Has $1.14 Billion Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Vanguard Group Inc. cut its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 1.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,981,968 shares of the biotechnology company's stock after selling 133,656 shares during the quarter. Vanguard Group Inc. owned 9.41% of Corcept Therapeutics worth $1,140,140,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Canada Pension Plan Investment Board bought a new position in shares of Corcept Therapeutics during the fourth quarter worth approximately $40,000. National Bank of Canada FI bought a new position in Corcept Therapeutics in the fourth quarter valued at approximately $42,000. Gen Wealth Partners Inc bought a new position in Corcept Therapeutics in the fourth quarter valued at approximately $67,000. MassMutual Private Wealth & Trust FSB increased its stake in Corcept Therapeutics by 102.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after acquiring an additional 313 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in Corcept Therapeutics by 1,150.8% in the first quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock valued at $84,000 after acquiring an additional 679 shares during the last quarter. 93.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CORT. Wall Street Zen cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Piper Sandler decreased their price objective on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Canaccord Genuity Group decreased their price objective 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. HC Wainwright decreased 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. Finally, Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $134.50.

Corcept Therapeutics Stock Down 1.0%

Shares of NASDAQ CORT traded down $0.70 during midday trading on Friday, reaching $71.30. 107,809 shares of the company were exchanged, compared to its average volume of 1,335,129. The stock's 50-day moving average price is $71.17 and its 200-day moving average price is $69.20. The stock has a market cap of $7.51 billion, a P/E ratio of 63.10 and a beta of 0.20. Corcept Therapeutics Incorporated has a one year low of $33.34 and a one year high of $117.33.

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

Insider Buying and Selling at Corcept Therapeutics

In other news, insider William Guyer sold 35,007 shares of Corcept Therapeutics stock in a transaction on Friday, August 8th. The shares were sold at an average price of $71.77, for a total transaction of $2,512,452.39. Following the transaction, the insider owned 5,487 shares in the company, valued at approximately $393,801.99. The trade was a 86.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Maduck sold 35,007 shares of Corcept Therapeutics stock in a transaction on 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 transaction, the insider owned 7,681 shares in the company, valued at approximately $520,694.99. This trade represents a 82.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 222,215 shares of company stock worth $16,311,201 in the last three months. 20.80% of the stock is currently owned by company insiders.

Corcept Therapeutics Company Profile

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.