Wealthspire Advisors LLC Makes New Investment in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Wealthspire Advisors LLC has acquired a new stake in Corcept Therapeutics by purchasing 4,013 shares valued at approximately $458,000 during the first quarter.
• Insider transactions include CEO Joseph K. Belanoff selling 40,000 shares for over $3.3 million, which represented a 1.36% decrease in his holdings.
• Corcept Therapeutics reported a quarterly earnings per share of $0.29, surpassing analyst expectations of $0.23, with a year-over-year revenue increase of 18.7% to $194.43 million.

Wealthspire Advisors LLC purchased a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 4,013 shares of the biotechnology company's stock, valued at approximately $458,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Corcept Therapeutics by 102.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after purchasing an additional 313 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Corcept Therapeutics by 1,150.8% during the first quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock valued at $84,000 after purchasing an additional 679 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Corcept Therapeutics during the fourth quarter valued at approximately $40,000. National Bank of Canada FI purchased a new position in shares of Corcept Therapeutics during the fourth quarter valued at approximately $42,000. Finally, Gen Wealth Partners Inc purchased a new position in shares of Corcept Therapeutics during the fourth quarter valued at approximately $67,000. Hedge funds and other institutional investors own 93.61% of the company's stock.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics 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 value of $2,512,452.39. Following the completion of the transaction, the insider directly owned 5,487 shares of the company's stock, valued at $393,801.99. This trade represents a 86.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Joseph Douglas Lyon sold 5,823 shares of Corcept Therapeutics stock in a transaction on Friday, August 1st. The stock was sold at an average price of $67.51, for a total transaction of $393,110.73. Following the completion of the transaction, the insider directly owned 10,066 shares of the company's stock, valued at $679,555.66. The trade was a 36.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 281,829 shares of company stock valued at $20,734,413 in the last ninety days. Corporate insiders own 20.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Piper Sandler lowered their target price on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Wall Street Zen cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. 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. Canaccord Genuity Group cut their price target on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a report on Friday, August 1st. Finally, Truist Financial set a $135.00 price target on shares of Corcept Therapeutics in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Corcept Therapeutics has an average rating of "Moderate Buy" and an average target price of $134.50.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded down $0.20 during midday trading on Wednesday, reaching $73.39. The stock had a trading volume of 149,253 shares, compared to its average volume of 1,346,373. The stock has a 50-day moving average of $71.06 and a 200-day moving average of $69.09. The company has a market capitalization of $7.73 billion, a price-to-earnings ratio of 65.02 and a beta of 0.20. Corcept Therapeutics Incorporated has a 12-month low of $33.34 and a 12-month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. The firm had revenue of $194.43 million during 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 for the quarter was up 18.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.32 earnings per share. As a group, analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

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.