Vanguard Group Inc. Has $792.63 Million Stock Position in Corcept Therapeutics Incorporated $CORT

Vanguard Group Inc. trimmed its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 1.5% in the third quarter, Holdings Channel reports. The fund owned 9,537,071 shares of the biotechnology company’s stock after selling 143,521 shares during the quarter. Vanguard Group Inc. owned 0.09% of Corcept Therapeutics worth $792,626,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Eagle Rock Investment Company LLC increased its holdings in Corcept Therapeutics by 18.8% in the 3rd quarter. Eagle Rock Investment Company LLC now owns 4,750 shares of the biotechnology company’s stock worth $395,000 after purchasing an additional 750 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Corcept Therapeutics by 223.4% during the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock worth $70,632,000 after purchasing an additional 587,053 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Corcept Therapeutics by 11.5% in the third quarter. PNC Financial Services Group Inc. now owns 14,800 shares of the biotechnology company’s stock valued at $1,230,000 after buying an additional 1,529 shares during the period. Assetmark Inc. raised its holdings in Corcept Therapeutics by 4.8% in the 3rd quarter. Assetmark Inc. now owns 64,726 shares of the biotechnology company’s stock valued at $5,379,000 after buying an additional 2,961 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its position in Corcept Therapeutics by 13.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 365,838 shares of the biotechnology company’s stock worth $30,405,000 after buying an additional 44,070 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CORT. UBS Group began coverage on shares of Corcept Therapeutics in a research note on Tuesday, December 16th. They issued a “neutral” rating and a $95.00 price objective on the stock. Wolfe Research downgraded Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $30.00 target price on the stock. in a report on Wednesday, December 31st. Canaccord Genuity Group increased their price target on Corcept Therapeutics from $99.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Zacks Research downgraded Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Monday, December 29th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $77.17.

Corcept Therapeutics Stock Performance

CORT stock opened at $34.82 on Monday. The firm has a market cap of $3.66 billion, a PE ratio of 39.57 and a beta of 0.25. The company has a current ratio of 3.14, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average price of $49.14 and a 200-day moving average price of $66.95. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $117.33.

More Corcept Therapeutics News

Here are the key news stories impacting Corcept Therapeutics this week:

• Positive Sentiment: HC Wainwright kept a “buy” rating on CORT despite cutting its price target from $105 to $67, signaling some analyst conviction in upside even after the patent loss. The Fly
• Positive Sentiment: Commentary arguing that the recent negative patent news may be largely priced in and that Corcept’s potential upside from ovarian cancer and other pipeline opportunities remains under-appreciated — a bullish narrative some investors are using to buy the dip. Seeking Alpha
• Neutral Sentiment: Reported short interest data in recent filings show effectively zero reported short interest (odd reporting artifact). Low measured short interest reduces immediate short?squeeze risk but data may be unreliable. (No external link provided.)
• Negative Sentiment: The U.S. Court of Appeals (Federal Circuit) found Teva’s proposed generic does not infringe two Corcept patents covering Korlym, a ruling Corcept disclosed on Feb. 19 — the primary catalyst for the sharp selloff and heightened volatility. Business Wire
• Negative Sentiment: Immediate market reaction included steep intraday declines reported across outlets and several Limit Up/Limit Down (LULD) trading halts as the news hit, signaling heavy selling pressure and elevated short?term risk. Benzinga

Insiders Place Their Bets

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $40.87, for a total value of $817,400.00. Following the completion of the sale, the insider directly owned 1,235 shares in the company, valued at approximately $50,474.45. This trade represents a 94.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $79.77, for a total transaction of $3,190,800.00. Following the transaction, the chief executive officer owned 2,701,370 shares in the company, valued at approximately $215,488,284.90. This trade represents a 1.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 129,500 shares of company stock valued at $8,665,500 in the last ninety days. 20.50% of the stock is owned by corporate insiders.

Corcept Therapeutics Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.