Intellectus Partners LLC Sells 11,051 Shares of Corcept Therapeutics Incorporated $CORT

Intellectus Partners LLC reduced its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 26.3% during the 4th quarter, HoldingsChannel reports. The firm owned 31,000 shares of the biotechnology company’s stock after selling 11,051 shares during the quarter. Intellectus Partners LLC’s holdings in Corcept Therapeutics were worth $1,079,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CORT. Royal Bank of Canada grew its stake in shares of Corcept Therapeutics by 18.9% in the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock valued at $1,757,000 after purchasing an additional 2,444 shares during the period. Amundi bought a new stake in shares of Corcept Therapeutics in the 1st quarter valued at approximately $450,000. NewEdge Advisors LLC bought a new stake in shares of Corcept Therapeutics in the 1st quarter valued at approximately $518,000. EverSource Wealth Advisors LLC grew its stake in shares of Corcept Therapeutics by 273.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock valued at $106,000 after purchasing an additional 1,055 shares during the period. Finally, Marshall Wace LLP grew its stake in shares of Corcept Therapeutics by 795.3% in the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock valued at $3,391,000 after purchasing an additional 41,040 shares during the period. 93.61% of the stock is currently owned by institutional investors.

Insider Activity

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 26,198 shares of the company’s stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the transaction, the chief executive officer owned 2,918,326 shares of the company’s stock, valued at approximately $146,120,582.82. This represents a 0.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Atabak Mokari sold 40,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $70.00, for a total value of $2,800,000.00. Following the transaction, the chief financial officer directly owned 15,257 shares in the company, valued at approximately $1,067,990. This represents a 72.39% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 222,965 shares of company stock worth $13,390,964. 20.70% of the stock is owned by company insiders.

Corcept Therapeutics Price Performance

Shares of CORT opened at $72.65 on Thursday. The company has a market capitalization of $7.80 billion, a P/E ratio of 207.58 and a beta of 0.50. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $91.00. The business’s 50 day simple moving average is $50.26 and its 200-day simple moving average is $52.01.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The business had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.17 earnings per share. On average, sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CORT. Canaccord Genuity Group boosted their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Wolfe Research raised Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. HC Wainwright boosted their target price on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Piper Sandler boosted their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.83.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.