Clearbridge Investments LLC Has $17.66 Million Position in Corcept Therapeutics Incorporated $CORT

Clearbridge Investments LLC cut its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 56.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 507,354 shares of the biotechnology company’s stock after selling 654,474 shares during the quarter. Clearbridge Investments LLC’s holdings in Corcept Therapeutics were worth $17,656,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CORT. Torren Management LLC acquired a new position in shares of Corcept Therapeutics in the 4th quarter valued at approximately $25,000. Advisory Services Network LLC acquired a new position in shares of Corcept Therapeutics in the 3rd quarter valued at approximately $25,000. Clearstead Advisors LLC raised its position in shares of Corcept Therapeutics by 163.6% in the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 193 shares in the last quarter. Hantz Financial Services Inc. raised its position in shares of Corcept Therapeutics by 113.7% in the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock valued at $34,000 after buying an additional 524 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in Corcept Therapeutics by 2,326.3% during the 3rd quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company’s stock worth $38,000 after purchasing an additional 442 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, Director G Leonard Baker, Jr. purchased 100,000 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was purchased at an average cost of $33.14 per share, for a total transaction of $3,314,000.00. Following the transaction, the director owned 1,146,631 shares in the company, valued at $37,999,351.34. The trade was a 9.55% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Sean Maduck sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $65.59, for a total transaction of $4,919,250.00. Following the completion of the transaction, the insider owned 8,977 shares of the company’s stock, valued at approximately $588,801.43. This trade represents a 89.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 242,965 shares of company stock worth $14,802,964. 20.70% of the stock is currently owned by insiders.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT opened at $77.49 on Wednesday. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $91.00. The firm has a 50 day moving average price of $53.22 and a two-hundred day moving average price of $51.98. The stock has a market cap of $8.32 billion, a P/E ratio of 221.41 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. During the same quarter last year, the company posted $0.17 earnings per share. The company’s revenue was up 4.9% compared to the same quarter last year. Analysts predict that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. HC Wainwright upped their price objective on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Canaccord Genuity Group upped their price objective on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Finally, UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Corcept Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $88.83.

Corcept Therapeutics Company 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.