Sei Investments Co. Decreases Stake in Corcept Therapeutics Incorporated $CORT

Sei Investments Co. reduced its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 65.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 32,379 shares of the biotechnology company’s stock after selling 62,377 shares during the period. Sei Investments Co.’s holdings in Corcept Therapeutics were worth $1,305,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Pathstone Holdings LLC grew its position in Corcept Therapeutics by 0.8% during the 3rd quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company’s stock worth $1,497,000 after purchasing an additional 144 shares during the last quarter. State of Wyoming raised its holdings in shares of Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after buying an additional 186 shares during the last quarter. Gould Capital LLC raised its holdings in shares of Corcept Therapeutics by 50.0% in the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company’s stock worth $50,000 after buying an additional 200 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of Corcept Therapeutics by 3.7% during the fourth quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company’s stock worth $240,000 after buying an additional 247 shares during the period. Finally, Evergreen Capital Management LLC lifted its stake in shares of Corcept Therapeutics by 3.0% during the fourth quarter. Evergreen Capital Management LLC now owns 8,609 shares of the biotechnology company’s stock worth $300,000 after buying an additional 248 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CORT has been the topic of a number of research analyst reports. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Piper Sandler reiterated an “overweight” rating and set a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. UBS Group set a $135.00 price objective on Corcept Therapeutics in a report on Thursday, May 28th. Finally, Wall Street Zen raised Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $119.17.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT opened at $111.86 on Wednesday. The company has a market capitalization of $12.09 billion, a PE ratio of 266.34 and a beta of 0.45. The company’s fifty day moving average price is $91.00 and its 200 day moving average price is $60.63. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $122.21.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business had revenue of $256.15 million during the quarter, compared to the consensus estimate of $221.15 million. During the same quarter in the prior year, the firm posted $0.29 earnings per share. The company’s revenue was up 31.7% compared to the same quarter last year. On average, equities analysts expect that Corcept Therapeutics Incorporated will post 1.13 EPS for the current year.

Insiders Place Their Bets

In other news, insider William Guyer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $93.13, for a total transaction of $1,862,600.00. Following the transaction, the insider owned 3,985 shares in the company, valued at $371,123.05. This trade represents a 83.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David L. Mahoney sold 20,000 shares of Corcept Therapeutics stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the completion of the sale, the director directly owned 26,147 shares in the company, valued at $2,210,205.91. This represents a 43.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 385,545 shares of company stock worth $33,151,584. Company insiders own 20.70% of the company’s stock.

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.