Verition Fund Management LLC Sells 28,931 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Verition Fund Management LLC lessened its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 76.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,758 shares of the biotechnology company's stock after selling 28,931 shares during the quarter. Verition Fund Management LLC's holdings in Corcept Therapeutics were worth $405,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of CORT. Capital Performance Advisors LLP acquired a new stake in Corcept Therapeutics during the 3rd quarter worth $25,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Corcept Therapeutics during the third quarter worth $36,000. Blue Trust Inc. increased its holdings in Corcept Therapeutics by 125.4% in the second quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company's stock valued at $115,000 after purchasing an additional 1,962 shares during the last quarter. GAMMA Investing LLC lifted its stake in Corcept Therapeutics by 85.4% in the third quarter. GAMMA Investing LLC now owns 2,490 shares of the biotechnology company's stock valued at $115,000 after buying an additional 1,147 shares during the period. Finally, nVerses Capital LLC lifted its stake in Corcept Therapeutics by 62.5% in the second quarter. nVerses Capital LLC now owns 3,900 shares of the biotechnology company's stock valued at $127,000 after buying an additional 1,500 shares during the period. 93.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on CORT shares. Sandler O'Neill reaffirmed a "buy" rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Truist Financial upped their target price on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the company a "buy" rating in a research note on Monday, September 30th. StockNews.com cut shares of Corcept Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Monday, November 25th. HC Wainwright restated a "buy" rating and issued a $80.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Finally, Piper Sandler lifted their target price on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an "overweight" rating in a report on Wednesday, September 18th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Corcept Therapeutics has an average rating of "Buy" and an average price target of $65.25.

Corcept Therapeutics Stock Down 1.6 %

CORT traded down $0.93 during trading on Friday, hitting $55.40. The company had a trading volume of 1,167,826 shares, compared to its average volume of 1,157,240. The company has a market capitalization of $5.80 billion, a PE ratio of 43.97 and a beta of 0.51. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. Corcept Therapeutics Incorporated has a one year low of $20.84 and a one year high of $62.22. The firm's 50-day moving average price is $53.06 and its 200 day moving average price is $41.15.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. During the same period in the previous year, the company posted $0.28 earnings per share. The company's quarterly revenue was up 47.7% compared to the same quarter last year. As a group, equities analysts expect that Corcept Therapeutics Incorporated will post 1.35 earnings per share for the current year.

Insider Transactions at Corcept Therapeutics

In related news, insider Gary Charles Robb sold 11,000 shares of the company's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total transaction of $509,080.00. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Joseph Douglas Lyon sold 1,411 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.72, for a total value of $80,031.92. Following the transaction, the insider now directly owns 8,494 shares of the company's stock, valued at $481,779.68. This trade represents a 14.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,811 shares of company stock valued at $1,341,360 in the last ninety days. 20.50% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Profile

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.