Graham Capital Management L.P. Trims Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Graham Capital Management L.P. decreased its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 38.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,281 shares of the biotechnology company's stock after selling 8,223 shares during the period. Graham Capital Management L.P.'s holdings in Corcept Therapeutics were worth $669,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Corcept Therapeutics by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 10,115,624 shares of the biotechnology company's stock valued at $509,726,000 after acquiring an additional 109,294 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Corcept Therapeutics by 0.4% in the 4th quarter. Parallel Advisors LLC now owns 3,829,632 shares of the biotechnology company's stock valued at $192,975,000 after purchasing an additional 15,908 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Corcept Therapeutics by 4.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,644,942 shares of the biotechnology company's stock valued at $82,889,000 after purchasing an additional 64,321 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Corcept Therapeutics by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,051,560 shares of the biotechnology company's stock worth $52,988,000 after purchasing an additional 25,073 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Corcept Therapeutics by 10.2% during the fourth quarter. Northern Trust Corp now owns 1,015,515 shares of the biotechnology company's stock worth $51,172,000 after buying an additional 94,128 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Stock Performance

Shares of CORT stock opened at $70.84 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The firm has a market capitalization of $7.51 billion, a price-to-earnings ratio of 56.22 and a beta of 0.22. Corcept Therapeutics Incorporated has a one year low of $27.30 and a one year high of $117.33. The company has a 50 day moving average price of $67.83 and a 200 day moving average price of $61.27.

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 analysts' consensus estimates of $0.17. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business had revenue of $157.21 million during the quarter, compared to the consensus estimate of $177.93 million. During the same period in the prior year, the firm posted $0.25 EPS. The business's revenue for the quarter was up 7.1% on a year-over-year basis. Sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Activity

In related news, insider Joseph Douglas Lyon sold 421 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $60.58, for a total value of $25,504.18. Following the completion of the sale, the insider now directly owns 9,009 shares in the company, valued at approximately $545,765.22. This represents a 4.46% decrease in their position. 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 18,303 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $60.69, for a total value of $1,110,809.07. Following the completion of the transaction, the insider now directly owns 85,622 shares in the company, valued at $5,196,399.18. This trade represents a 17.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 236,738 shares of company stock valued at $20,484,994 in 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. Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. StockNews.com lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday. Piper Sandler raised their price objective on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a report on Thursday, April 3rd. Canaccord Genuity Group upped their target price on Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a research note on Tuesday, April 1st. Finally, HC Wainwright reduced their target price on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research 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 company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $138.25.

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.

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