Alliancebernstein L.P. Sells 15,270 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Alliancebernstein L.P. decreased its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 8.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 170,869 shares of the biotechnology company's stock after selling 15,270 shares during the period. Alliancebernstein L.P. owned approximately 0.16% of Corcept Therapeutics worth $8,610,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Kestra Investment Management LLC bought a new stake in Corcept Therapeutics during the 4th quarter valued at approximately $27,000. USA Financial Formulas bought a new stake in shares of Corcept Therapeutics during the fourth quarter valued at approximately $54,000. Newbridge Financial Services Group Inc. purchased a new stake in Corcept Therapeutics in the fourth quarter worth $58,000. Principal Securities Inc. raised its holdings in Corcept Therapeutics by 63.6% in the fourth quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company's stock worth $63,000 after purchasing an additional 483 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of Corcept Therapeutics during the 4th quarter valued at $69,000. Hedge funds and other institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Stock Down 4.0 %

NASDAQ CORT traded down $2.80 during mid-day trading on Wednesday, reaching $66.79. The stock had a trading volume of 276,939 shares, compared to its average volume of 1,121,260. The stock has a market cap of $7.05 billion, a PE ratio of 52.86 and a beta of 0.15. Corcept Therapeutics Incorporated has a 1 year low of $20.84 and a 1 year high of $117.33. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The company has a fifty day moving average price of $65.73 and a 200 day moving average price of $58.04.

Remove Ads

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing analysts' consensus estimates of $0.37 by ($0.11). The company had revenue of $181.89 million during the quarter, compared to the consensus estimate of $200.12 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. On average, research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other news, CEO Joseph K. Belanoff sold 2,924 shares of Corcept Therapeutics stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $60.91, for a total transaction of $178,100.84. Following the transaction, the chief executive officer now directly owns 3,019,411 shares of the company's stock, valued at $183,912,324.01. The trade was a 0.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sean Maduck sold 18,303 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $60.69, for a total transaction of $1,110,809.07. Following the sale, the insider now owns 85,622 shares in the company, valued at approximately $5,196,399.18. The trade was a 17.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 163,124 shares of company stock worth $15,117,614 in the last three months. 20.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on CORT shares. Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a research note on Tuesday, April 1st. StockNews.com cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Piper Sandler raised their price objective on Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a research report on Thursday, April 3rd. Truist Financial lifted their price objective on Corcept Therapeutics from $76.00 to $150.00 and gave the company a "buy" rating in a research note on Monday, March 31st. Finally, HC Wainwright increased their target price on Corcept Therapeutics from $115.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, March 31st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $143.25.

About Corcept Therapeutics

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.