Y Intercept Hong Kong Ltd Cuts Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Y Intercept Hong Kong Ltd trimmed its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 78.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,987 shares of the biotechnology company's stock after selling 33,031 shares during the period. Y Intercept Hong Kong Ltd's holdings in Corcept Therapeutics were worth $1,026,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Gallacher Capital Management LLC bought a new stake in shares of Corcept Therapeutics in the 1st quarter valued at approximately $285,000. Los Angeles Capital Management LLC lifted its stake in shares of Corcept Therapeutics by 86.0% in the 1st quarter. Los Angeles Capital Management LLC now owns 49,304 shares of the biotechnology company's stock valued at $5,632,000 after purchasing an additional 22,791 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Corcept Therapeutics by 1,150.8% in the 1st 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. Formidable Asset Management LLC purchased a new stake in shares of Corcept Therapeutics in the first quarter worth approximately $892,000. Finally, Private Advisor Group LLC purchased a new stake in shares of Corcept Therapeutics in the first quarter worth approximately $327,000. 93.61% of the stock is owned by institutional investors.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 26,554 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $72.23, for a total transaction of $1,917,995.42. Following the transaction, the insider directly owned 85,622 shares in the company, valued at $6,184,477.06. This trade represents a 23.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David L. Mahoney sold 27,352 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $74.23, for a total value of $2,030,338.96. The disclosure for this sale can be found here. Insiders sold a total of 239,592 shares of company stock worth $18,071,616 over the last three months. Corporate insiders own 20.80% of the company's stock.

Analyst Upgrades and Downgrades

CORT has been the topic of several recent analyst reports. Piper Sandler increased their price target on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a report on Thursday, April 3rd. Wall Street Zen downgraded Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Canaccord Genuity Group increased their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a report on Tuesday, April 1st. Truist Financial set a $135.00 price target on Corcept Therapeutics in a report on Tuesday, May 6th. Finally, HC Wainwright reduced their price target on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Corcept Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $138.25.

Corcept Therapeutics Stock Performance

CORT traded up $0.75 during trading on Monday, hitting $69.04. 111,361 shares of the stock were exchanged, compared to its average volume of 1,372,504. The firm has a 50 day simple moving average of $72.38 and a 200 day simple moving average of $67.95. The firm has a market cap of $7.32 billion, a price-to-earnings ratio of 59.61 and a beta of 0.15. Corcept Therapeutics Incorporated has a 1 year low of $32.33 and a 1 year high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. The company had revenue of $157.21 million for the quarter, compared to the consensus estimate of $177.93 million. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. Corcept Therapeutics's quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the business posted $0.25 EPS. As a group, equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share 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.