Allianz Asset Management GmbH Sells 8,902 Shares of Corcept Therapeutics Incorporated $CORT

Allianz Asset Management GmbH reduced its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 5.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 153,292 shares of the biotechnology company’s stock after selling 8,902 shares during the quarter. Allianz Asset Management GmbH owned about 0.14% of Corcept Therapeutics worth $11,252,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CORT. Brooklyn Investment Group lifted its position in Corcept Therapeutics by 99.5% during the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company’s stock valued at $43,000 after purchasing an additional 186 shares during the last quarter. USA Financial Formulas bought a new stake in Corcept Therapeutics during the second quarter valued at approximately $56,000. Farther Finance Advisors LLC lifted its position in Corcept Therapeutics by 277.6% during the second quarter. Farther Finance Advisors LLC now owns 910 shares of the biotechnology company’s stock valued at $67,000 after purchasing an additional 669 shares during the last quarter. Covestor Ltd lifted its position in Corcept Therapeutics by 1,741.2% during the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company’s stock valued at $72,000 after purchasing an additional 592 shares during the last quarter. Finally, IFP Advisors Inc lifted its position in Corcept Therapeutics by 1,150.8% during the first quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company’s stock valued at $84,000 after purchasing an additional 679 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Stock Down 4.1%

Shares of NASDAQ CORT opened at $75.39 on Wednesday. Corcept Therapeutics Incorporated has a 52 week low of $42.01 and a 52 week high of $117.33. The firm’s fifty day moving average is $76.18 and its 200 day moving average is $73.04. The company has a market cap of $7.94 billion, a price-to-earnings ratio of 66.72 and a beta of 0.46.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The company had revenue of $194.43 million for the quarter, compared to the consensus estimate of $199.40 million. During the same period in the previous year, the firm earned $0.32 earnings per share. The firm’s revenue for the quarter was up 18.7% on a year-over-year basis. Corcept Therapeutics has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on CORT. Zacks Research lowered shares of Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 1st. Piper Sandler dropped their target price on shares of Corcept Therapeutics from $131.00 to $121.00 and set an “overweight” rating for the company in a research report on Friday, August 1st. HC Wainwright reiterated a “buy” rating and set a $145.00 target price on shares of Corcept Therapeutics in a research report on Monday. Canaccord Genuity Group restated a “buy” rating and issued a $140.00 price objective on shares of Corcept Therapeutics in a report on Thursday, September 25th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Corcept Therapeutics in a report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.25.

Insider Activity

In related news, insider Joseph Douglas Lyon sold 5,823 shares of Corcept Therapeutics stock in a transaction on Friday, August 1st. The shares were sold at an average price of $67.51, for a total value of $393,110.73. Following the transaction, the insider directly owned 10,066 shares of the company’s stock, valued at $679,555.66. The trade was a 36.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Sean Maduck sold 35,007 shares of Corcept Therapeutics stock in a transaction on Friday, August 1st. The stock was sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the completion of the transaction, the insider directly owned 7,681 shares in the company, valued at approximately $520,694.99. The trade was a 82.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 292,451 shares of company stock valued at $21,850,930 in the last three months. Corporate insiders own 20.50% of the company’s stock.

Corcept Therapeutics Company 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.