First Trust Advisors LP Reduces Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

First Trust Advisors LP reduced its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 19.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,064,122 shares of the biotechnology company's stock after selling 254,015 shares during the quarter. First Trust Advisors LP owned about 1.02% of Corcept Therapeutics worth $53,621,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. MML Investors Services LLC purchased a new stake in Corcept Therapeutics during the 3rd quarter valued at $317,000. World Investment Advisors LLC bought a new position in Corcept Therapeutics during the third quarter valued at $503,000. Franklin Resources Inc. raised its stake in shares of Corcept Therapeutics by 1.0% in the third quarter. Franklin Resources Inc. now owns 242,791 shares of the biotechnology company's stock valued at $10,998,000 after acquiring an additional 2,475 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Corcept Therapeutics by 43.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 253,070 shares of the biotechnology company's stock worth $11,712,000 after acquiring an additional 76,573 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Corcept Therapeutics by 20.3% during the 4th quarter. GAMMA Investing LLC now owns 2,996 shares of the biotechnology company's stock worth $151,000 after purchasing an additional 506 shares during the period. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Corcept Therapeutics news, insider Sean Maduck sold 100,000 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $100.54, for a total value of $10,054,000.00. Following the completion of the transaction, the insider now directly owns 85,622 shares in the company, valued at approximately $8,608,435.88. The trade was a 53.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Joseph K. Belanoff sold 2,924 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $60.91, for a total transaction of $178,100.84. Following the sale, the chief executive officer now directly owns 3,019,411 shares of the company's stock, valued at approximately $183,912,324.01. The trade was a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 163,124 shares of company stock valued at $15,117,614 over the last 90 days. Corporate insiders own 20.50% of the company's stock.

Corcept Therapeutics Price Performance

CORT opened at $64.68 on Wednesday. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The business's fifty day simple moving average is $65.11 and its 200-day simple moving average is $58.64. The company has a market capitalization of $6.82 billion, a price-to-earnings ratio of 51.33 and a beta of 0.15. Corcept Therapeutics Incorporated has a 12-month low of $22.00 and a 12-month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its 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). Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The business had revenue of $181.89 million for the quarter, compared to analysts' expectations of $200.12 million. On average, equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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