Corcept Therapeutics Incorporated $CORT Stock Position Lowered by Simplify Asset Management Inc.

Simplify Asset Management Inc. trimmed its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 22.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,568 shares of the biotechnology company’s stock after selling 5,866 shares during the period. Simplify Asset Management Inc.’s holdings in Corcept Therapeutics were worth $2,370,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quadrant Capital Group LLC boosted its position in Corcept Therapeutics by 1.3% during the third quarter. Quadrant Capital Group LLC now owns 14,007 shares of the biotechnology company’s stock worth $1,650,000 after acquiring an additional 178 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Corcept Therapeutics by 1.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 10,617 shares of the biotechnology company’s stock valued at $923,000 after acquiring an additional 184 shares in the last quarter. State of Wyoming grew its stake in Corcept Therapeutics by 29.5% during the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after acquiring an additional 186 shares in the last quarter. Wedmont Private Capital raised its holdings in Corcept Therapeutics by 6.1% in the 3rd quarter. Wedmont Private Capital now owns 3,329 shares of the biotechnology company’s stock valued at $395,000 after acquiring an additional 190 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Corcept Therapeutics in the 2nd quarter valued at about $27,000. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Trading Down 1.5%

Shares of CORT stock opened at $86.28 on Thursday. The company’s 50-day moving average price is $113.44 and its 200-day moving average price is $74.16. The stock has a market cap of $9.33 billion, a price-to-earnings ratio of 205.43 and a beta of 0.40. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $126.38.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm had revenue of $256.15 million during the quarter, compared to analysts’ expectations of $221.15 million. During the same period last year, the business earned $0.29 earnings per share. Corcept Therapeutics’s revenue was up 31.7% compared to the same quarter last year. As a group, equities research analysts predict that Corcept Therapeutics Incorporated will post 1.83 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Wall Street Zen raised shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Truist Financial started coverage on Corcept Therapeutics in a research report on Tuesday, August 18th. They issued a “buy” rating and a $164.00 price target for the company. Weiss Ratings raised Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, September 24th. Wolfe Research cut Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price target for the company. in a report on Monday, July 27th. Finally, Canaccord Genuity Group lifted their price objective on Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Corcept Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $138.17.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, Director Kimberly Park sold 26,685 shares of the business’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $122.55, for a total value of $3,270,246.75. Following the transaction, the director directly owned 30,000 shares in the company, valued at $3,676,500. The trade was a 47.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Roberto Vieira sold 58,333 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $110.76, for a total transaction of $6,460,963.08. Following the completion of the transaction, the insider owned 4,242 shares in the company, valued at $469,843.92. The trade was a 93.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 374,748 shares of company stock valued at $43,609,410 over the last ninety days. Corporate insiders own 20.70% of the company’s stock.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated (NASDAQ:CORT) is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept’s primary marketed product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.