Cerity Partners LLC Sells 3,838 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Cerity Partners LLC cut its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 0.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 607,946 shares of the biotechnology company’s stock after selling 3,838 shares during the quarter. Cerity Partners LLC’s holdings in Corcept Therapeutics were worth $30,604,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Stifel Financial Corp grew its position in Corcept Therapeutics by 30.0% during the 3rd quarter. Stifel Financial Corp now owns 88,967 shares of the biotechnology company’s stock worth $4,117,000 after acquiring an additional 20,546 shares during the last quarter. State Street Corp grew its holdings in shares of Corcept Therapeutics by 0.6% during the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock worth $162,871,000 after purchasing an additional 19,893 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in shares of Corcept Therapeutics in the third quarter valued at approximately $302,000. MML Investors Services LLC bought a new position in Corcept Therapeutics in the 3rd quarter valued at approximately $317,000. Finally, Executive Wealth Management LLC acquired a new stake in Corcept Therapeutics during the 3rd quarter worth approximately $2,804,000. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Stock Performance

CORT stock opened at $70.49 on Wednesday. Corcept Therapeutics Incorporated has a 1-year low of $20.84 and a 1-year high of $117.33. 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 stock has a 50-day moving average price of $65.48 and a 200-day moving average price of $57.03. The firm has a market cap of $7.44 billion, a PE ratio of 55.94 and a beta of 0.15.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). The business had revenue of $181.89 million for 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%. As a group, equities research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Joseph K. Belanoff sold 35,102 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $94.72, for a total value of $3,324,861.44. Following the transaction, the chief executive officer now directly owns 2,982,335 shares in the company, valued at $282,486,771.20. This trade represents a 1.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sean Maduck sold 18,303 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were 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 of the company’s stock, valued at $5,196,399.18. This trade represents a 17.61 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 163,124 shares of company stock worth $15,074,318. 20.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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

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.