Corcept Therapeutics Incorporated (NASDAQ:CORT) Position Lifted by HighTower Advisors LLC

HighTower Advisors LLC raised its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 30.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 93,677 shares of the biotechnology company’s stock after purchasing an additional 22,011 shares during the period. HighTower Advisors LLC owned 0.09% of Corcept Therapeutics worth $4,720,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Victory Capital Management Inc. increased its holdings in shares of Corcept Therapeutics by 49.2% in the 3rd quarter. Victory Capital Management Inc. now owns 41,823 shares of the biotechnology company’s stock valued at $1,936,000 after acquiring an additional 13,787 shares during the last quarter. KBC Group NV increased its stake in Corcept Therapeutics by 21.3% during the third quarter. KBC Group NV now owns 2,822 shares of the biotechnology company’s stock valued at $131,000 after purchasing an additional 496 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in shares of Corcept Therapeutics during the third quarter worth $241,000. Empowered Funds LLC bought a new position in shares of Corcept Therapeutics in the 3rd quarter worth about $1,784,000. Finally, Natixis Advisors LLC lifted its position in shares of Corcept Therapeutics by 36.2% in the 3rd quarter. Natixis Advisors LLC now owns 28,144 shares of the biotechnology company’s stock worth $1,303,000 after buying an additional 7,484 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Stock Up 2.7 %

CORT opened at $58.00 on Thursday. The stock’s 50 day moving average price is $61.20 and its 200 day moving average price is $53.48. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The stock has a market cap of $6.12 billion, a P/E ratio of 46.03 and a beta of 0.61. Corcept Therapeutics Incorporated has a 12 month low of $20.84 and a 12 month high of $75.00.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). The business had revenue of $181.89 million for the quarter, compared to analyst estimates of $200.12 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. As a group, research analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Joseph K. Belanoff sold 2,924 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $60.91, for a total transaction of $178,100.84. Following the completion of the transaction, the chief executive officer now owns 3,019,411 shares of the company’s stock, valued at $183,912,324.01. This trade represents a 0.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Sean Maduck sold 20,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the completion of the sale, the insider now owns 85,318 shares in the company, valued at approximately $4,299,174.02. This trade represents a 18.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 45,627 shares of company stock worth $2,557,674. 20.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CORT shares. Piper Sandler increased their price objective on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a research note on Thursday, February 27th. Canaccord Genuity Group increased their price target on Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. HC Wainwright restated a “buy” rating and set a $115.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, February 27th. Finally, StockNews.com lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corcept Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $99.75.

Corcept Therapeutics 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.