Cornercap Investment Counsel Inc. Sells 13,785 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Cornercap Investment Counsel Inc. lowered its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 59.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,212 shares of the biotechnology company's stock after selling 13,785 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Corcept Therapeutics were worth $426,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in Corcept Therapeutics in the 3rd quarter valued at approximately $25,000. Park Place Capital Corp bought a new position in shares of Corcept Therapeutics during the second quarter valued at $32,000. Atwood & Palmer Inc. acquired a new position in shares of Corcept Therapeutics during the second quarter worth $35,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Corcept Therapeutics in the third quarter worth $36,000. Finally, Blue Trust Inc. grew its stake in shares of Corcept Therapeutics by 125.4% in the second quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company's stock worth $115,000 after purchasing an additional 1,962 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Corcept Therapeutics Trading Down 5.4 %

Shares of CORT stock opened at $51.83 on Friday. Corcept Therapeutics Incorporated has a fifty-two week low of $20.84 and a fifty-two week high of $61.66. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The stock has a 50 day simple moving average of $46.46 and a two-hundred day simple moving average of $36.90. The company has a market cap of $5.43 billion, a P/E ratio of 41.14 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.14. The company had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. Corcept Therapeutics's revenue for the quarter was up 47.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.28 EPS. Research analysts forecast that Corcept Therapeutics Incorporated will post 1.31 earnings per share for the current year.

Insider Transactions at Corcept Therapeutics

In other news, insider William Guyer sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $35.30, for a total transaction of $353,000.00. Following the completion of the sale, the insider now owns 6,039 shares in the company, valued at $213,176.70. The trade was a 62.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Gary Charles Robb sold 11,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total value of $509,080.00. Following the completion of the transaction, the insider now owns 22,772 shares in the company, valued at approximately $1,053,888.16. This represents a 32.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,301 shares of company stock valued at $1,594,253 in the last 90 days. 20.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on CORT shares. Truist Financial lifted their target price on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a "buy" rating in a report on Monday, September 30th. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Piper Sandler upped their target price on Corcept Therapeutics from $38.00 to $67.00 and gave the company an "overweight" rating in a report on Wednesday, September 18th. Sandler O'Neill restated a "buy" rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $38.00 price target on shares of Corcept Therapeutics in a research report on Tuesday, July 30th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $65.25.

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.