Los Angeles Capital Management LLC Sells 35,583 Shares of Corcept Therapeutics Incorporated $CORT

Los Angeles Capital Management LLC trimmed its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 46.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 41,497 shares of the biotechnology company’s stock after selling 35,583 shares during the period. Los Angeles Capital Management LLC’s holdings in Corcept Therapeutics were worth $1,444,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. JPMorgan Chase & Co. lifted its stake 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 valued at $70,632,000 after acquiring an additional 587,053 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Corcept Therapeutics by 111.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company’s stock valued at $19,404,000 after acquiring an additional 268,155 shares during the last quarter. First Trust Advisors LP increased its position in Corcept Therapeutics by 34.1% in the third quarter. First Trust Advisors LP now owns 720,224 shares of the biotechnology company’s stock worth $59,858,000 after purchasing an additional 183,038 shares during the period. Public Sector Pension Investment Board increased its position in Corcept Therapeutics by 13.7% in the third quarter. Public Sector Pension Investment Board now owns 365,838 shares of the biotechnology company’s stock worth $30,405,000 after purchasing an additional 44,070 shares during the period. Finally, Checkpoint Capital L.P. raised its holdings in Corcept Therapeutics by 14.1% during the 3rd quarter. Checkpoint Capital L.P. now owns 392,331 shares of the biotechnology company’s stock worth $32,607,000 after purchasing an additional 48,414 shares during the last quarter. 93.61% of the stock is owned by institutional investors.

Corcept Therapeutics Price Performance

NASDAQ CORT opened at $78.12 on Thursday. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $91.00. The firm has a market cap of $8.39 billion, a P/E ratio of 223.21 and a beta of 0.50. The stock’s 50-day moving average is $54.02 and its 200-day moving average is $52.00.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data 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). The business had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. Corcept Therapeutics’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.17 earnings per share. Equities analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

Analyst Upgrades and Downgrades

CORT has been the topic of a number of research reports. HC Wainwright upped their target price on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Wolfe Research upgraded shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. Finally, Piper Sandler raised their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $88.83.

Insider Buying and Selling

In other news, CEO Joseph K. Belanoff sold 26,198 shares of the stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the completion of the sale, the chief executive officer owned 2,918,326 shares of the company’s stock, valued at $146,120,582.82. This represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director G Leonard Baker, Jr. acquired 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were bought at an average price of $33.14 per share, for a total transaction of $3,314,000.00. Following the completion of the acquisition, the director owned 1,146,631 shares of the company’s stock, valued at $37,999,351.34. This trade represents a 9.55% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have sold 242,965 shares of company stock valued at $14,802,964. 20.70% of the stock is owned by corporate insiders.

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.