Charles Schwab Investment Management Inc. Sells 19,836 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Charles Schwab Investment Management Inc. decreased its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,031,724 shares of the biotechnology company’s stock after selling 19,836 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.97% of Corcept Therapeutics worth $117,844,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CORT. JPMorgan Chase & Co. boosted its stake in Corcept Therapeutics by 2.7% during the fourth quarter. JPMorgan Chase & Co. now owns 259,902 shares of the biotechnology company’s stock valued at $13,096,000 after buying an additional 6,832 shares during the period. Wells Fargo & Company MN boosted its stake in Corcept Therapeutics by 104.5% during the fourth quarter. Wells Fargo & Company MN now owns 90,137 shares of the biotechnology company’s stock valued at $4,542,000 after buying an additional 46,067 shares during the period. Federated Hermes Inc. boosted its stake in Corcept Therapeutics by 107.1% during the fourth quarter. Federated Hermes Inc. now owns 13,870 shares of the biotechnology company’s stock valued at $699,000 after buying an additional 7,172 shares during the period. Bank of Montreal Can boosted its stake in Corcept Therapeutics by 8.9% during the fourth quarter. Bank of Montreal Can now owns 13,678 shares of the biotechnology company’s stock valued at $689,000 after buying an additional 1,122 shares during the period. Finally, Summit Investment Advisors Inc. boosted its stake in Corcept Therapeutics by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company’s stock valued at $426,000 after buying an additional 268 shares during the period. Institutional investors own 93.61% of the company’s stock.

Insider Buying and Selling

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the business’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $68.53, for a total transaction of $2,741,200.00. Following the transaction, the chief executive officer owned 2,861,370 shares in the company, valued at $196,089,686.10. The trade was a 1.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sean Maduck sold 35,007 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.79, for a total value of $2,373,124.53. Following the transaction, the insider owned 7,681 shares in the company, valued at approximately $520,694.99. This represents a 82.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 244,622 shares of company stock worth $18,062,900 in the last 90 days. 20.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

Corcept Therapeutics Trading Down 0.5%

NASDAQ CORT opened at $71.97 on Tuesday. Corcept Therapeutics Incorporated has a 1-year low of $33.34 and a 1-year high of $117.33. The stock has a 50-day moving average of $70.98 and a 200-day moving average of $69.06. The firm has a market cap of $7.58 billion, a PE ratio of 63.69 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%. The company had revenue of $194.43 million during the quarter, compared to analyst estimates of $199.40 million. During the same quarter in the previous year, the company posted $0.32 EPS. Corcept Therapeutics’s revenue for the quarter was up 18.7% on a year-over-year basis. As a group, equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

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.