Corcept Therapeutics Incorporated $CORT Position Lessened by Simplify Asset Management Inc.

Simplify Asset Management Inc. cut its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 22.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,568 shares of the biotechnology company’s stock after selling 5,866 shares during the period. Simplify Asset Management Inc.’s holdings in Corcept Therapeutics were worth $2,370,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Alberta Investment Management Corp acquired a new stake in shares of Corcept Therapeutics during the 2nd quarter valued at about $9,843,000. BlackRock Inc. purchased a new position in shares of Corcept Therapeutics in the 2nd quarter valued at about $1,080,964,000. NewEdge Wealth LLC acquired a new position in Corcept Therapeutics in the 2nd quarter worth about $3,034,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Corcept Therapeutics in the 2nd quarter worth about $2,311,000. Finally, Evanson Financial LLC acquired a new position in Corcept Therapeutics in the 2nd quarter worth about $1,085,000. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, Director James Wilson sold 10,000 shares of the stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $114.81, for a total transaction of $1,148,100.00. Following the completion of the transaction, the director owned 1,054,543 shares of the company’s stock, valued at $121,072,081.83. This represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joseph Lyon sold 9,190 shares of the firm’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $116.13, for a total value of $1,067,234.70. Following the completion of the transaction, the insider owned 5,683 shares in the company, valued at approximately $659,966.79. This trade represents a 61.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 374,748 shares of company stock valued at $43,609,410 in the last 90 days. Corporate insiders own 20.70% of the company’s stock.

Corcept Therapeutics Stock Down 1.5%

CORT stock opened at $86.28 on Thursday. The stock has a market capitalization of $9.33 billion, a P/E ratio of 205.43 and a beta of 0.40. The firm has a 50-day simple moving average of $113.44 and a 200-day simple moving average of $74.16. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $126.38.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. During the same period last year, the company posted $0.29 EPS. Corcept Therapeutics’s quarterly revenue was up 31.7% compared to the same quarter last year. On average, analysts expect that Corcept Therapeutics Incorporated will post 1.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Zacks Research raised Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Monday, September 28th. Piper Sandler restated an “overweight” rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. Canaccord Genuity Group upped their target price on Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Truist Financial started coverage on Corcept Therapeutics in a research report on Tuesday, August 18th. They set a “buy” rating and a $164.00 target price on the stock. Finally, Weiss Ratings upgraded Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $138.17.

Corcept Therapeutics Profile

Corcept Therapeutics Incorporated (NASDAQ:CORT) is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept’s primary marketed product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.