Van ECK Associates Corp Has $12.10 Million Stake in Corcept Therapeutics Incorporated $CORT

Van ECK Associates Corp trimmed its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 12.8% in the second quarter, Holdings Channel reports. The fund owned 139,135 shares of the biotechnology company’s stock after selling 20,415 shares during the quarter. Van ECK Associates Corp’s holdings in Corcept Therapeutics were worth $12,098,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in CORT. BlackRock Inc. bought a new position in shares of Corcept Therapeutics in the second quarter worth about $1,080,964,000. Parallel Advisors LLC grew its holdings in Corcept Therapeutics by 2.5% in the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock valued at $160,329,000 after buying an additional 96,763 shares during the last quarter. State Street Corp grew its holdings in Corcept Therapeutics by 0.5% in the 4th quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company’s stock valued at $103,915,000 after buying an additional 15,656 shares during the last quarter. Geode Capital Management LLC increased its position in Corcept Therapeutics by 38.0% in the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock worth $92,892,000 after buying an additional 734,646 shares during the period. Finally, First Trust Advisors LP increased its position in Corcept Therapeutics by 213.5% in the 1st quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock worth $87,609,000 after buying an additional 1,480,059 shares during the period. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Trading Down 0.5%

Shares of CORT stock opened at $113.35 on Tuesday. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $126.38. The company has a market capitalization of $12.25 billion, a P/E ratio of 269.89 and a beta of 0.45. The stock has a 50 day moving average of $101.84 and a two-hundred day moving average of $68.06.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.34. The business had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.Corcept Therapeutics’s revenue was up 31.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 earnings per share. Sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Kimberly Park sold 26,685 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total value of $3,270,246.75. Following the sale, the director directly owned 30,000 shares in the company, valued at approximately $3,676,500. This represents a 47.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James N. Wilson sold 10,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $111.43, for a total value of $1,114,300.00. Following the completion of the transaction, the director directly owned 1,074,543 shares of the company’s stock, valued at approximately $119,736,326.49. The trade was a 0.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 412,786 shares of company stock worth $44,849,840. Insiders own 20.70% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on CORT shares. Weiss Ratings upgraded Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 20th. Piper Sandler reaffirmed an “overweight” rating and set a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. Truist Financial initiated coverage on shares of Corcept Therapeutics in a research report on Tuesday, August 18th. They set a “buy” rating and a $164.00 target price on the stock. Wolfe Research cut shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 target price for the company. in a research note on Monday, July 27th. Finally, Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $138.17.

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.