Burney Co. Decreases Stock Position in Corcept Therapeutics Incorporated $CORT

Burney Co. lessened its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 79.5% in the first quarter, HoldingsChannel reports. The fund owned 45,779 shares of the biotechnology company’s stock after selling 178,058 shares during the period. Burney Co.’s holdings in Corcept Therapeutics were worth $1,845,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CORT. Torren Management LLC bought a new position in Corcept Therapeutics during the 4th quarter worth approximately $25,000. Advisory Services Network LLC bought a new stake in Corcept Therapeutics in the third quarter valued at approximately $25,000. Atlas Capital Advisors Inc. purchased a new stake in shares of Corcept Therapeutics during the fourth quarter valued at approximately $31,000. Hantz Financial Services Inc. boosted its stake in shares of Corcept Therapeutics by 113.7% during the fourth quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 524 shares during the period. Finally, Larson Financial Group LLC grew its holdings in shares of Corcept Therapeutics by 2,326.3% in the third quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company’s stock worth $38,000 after purchasing an additional 442 shares during the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director David L. Mahoney sold 20,000 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total value of $1,690,600.00. Following the completion of the transaction, the director directly owned 26,147 shares in the company, valued at $2,210,205.91. This trade represents a 43.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James N. Wilson sold 10,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total transaction of $832,000.00. Following the transaction, the director directly owned 1,094,543 shares of the company’s stock, valued at approximately $91,065,977.60. This trade represents a 0.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 280,000 shares of company stock valued at $20,225,450 in the last 90 days. Corporate insiders own 20.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CORT shares. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a report on Thursday, May 28th. Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. HC Wainwright upped their price objective on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a research note on Monday, June 15th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $88.83.

Corcept Therapeutics Price Performance

Shares of CORT opened at $94.04 on Wednesday. The company has a 50-day simple moving average of $69.85 and a two-hundred day simple moving average of $52.36. The firm has a market capitalization of $10.10 billion, a PE ratio of 268.69 and a beta of 0.47. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $94.77.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The firm had revenue of $164.90 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 EPS. Analysts expect that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

About Corcept Therapeutics

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.