Burney Co. Trims Holdings in Corcept Therapeutics Incorporated $CORT

Burney Co. trimmed its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 7.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 230,765 shares of the biotechnology company’s stock after selling 19,381 shares during the quarter. Burney Co.’s holdings in Corcept Therapeutics were worth $19,179,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Highland Capital Management LLC purchased a new position in Corcept Therapeutics during the 3rd quarter valued at about $209,000. CWM LLC boosted its position in shares of Corcept Therapeutics by 135.9% in the third quarter. CWM LLC now owns 28,297 shares of the biotechnology company’s stock valued at $2,352,000 after acquiring an additional 16,304 shares during the period. Pacer Advisors Inc. grew its stake in Corcept Therapeutics by 6,796.7% during the third quarter. Pacer Advisors Inc. now owns 390,559 shares of the biotechnology company’s stock valued at $32,459,000 after acquiring an additional 384,896 shares in the last quarter. Juncture Wealth Strategies LLC increased its holdings in Corcept Therapeutics by 20.9% during the 3rd quarter. Juncture Wealth Strategies LLC now owns 7,392 shares of the biotechnology company’s stock worth $614,000 after acquiring an additional 1,279 shares during the period. Finally, Exchange Traded Concepts LLC bought a new stake in Corcept Therapeutics during the 3rd quarter worth approximately $137,000. Institutional investors own 93.61% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on CORT shares. Weiss Ratings restated a “hold (c)” rating on shares of Corcept Therapeutics in a research report on Monday. HC Wainwright restated a “buy” rating and set a $145.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, November 25th. Wolfe Research started coverage on Corcept Therapeutics in a report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. UBS Group began coverage on Corcept Therapeutics in a report on Tuesday, December 16th. They set a “neutral” rating and a $95.00 price objective for the company. Finally, Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $127.20.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider Sean Maduck sold 20,000 shares of Corcept Therapeutics stock in a transaction on Monday, December 1st. The shares were sold at an average price of $79.52, for a total value of $1,590,400.00. Following the transaction, the insider owned 7,904 shares in the company, valued at $628,526.08. This trade represents a 71.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $79.77, for a total transaction of $3,190,800.00. Following the sale, the chief executive officer owned 2,701,370 shares of the company’s stock, valued at approximately $215,488,284.90. The trade was a 1.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 261,700 shares of company stock valued at $21,002,348. Insiders own 20.80% of the company’s stock.

Corcept Therapeutics Price Performance

CORT opened at $82.65 on Friday. The company has a current ratio of 3.14, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $8.69 billion, a P/E ratio of 93.92 and a beta of 0.20. The stock has a 50-day moving average price of $78.76 and a 200-day moving average price of $75.46. Corcept Therapeutics Incorporated has a 12-month low of $49.00 and a 12-month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The firm had revenue of $207.64 million during the quarter, compared to the consensus estimate of $223.78 million. Corcept Therapeutics had a return on equity of 15.99% and a net margin of 14.19%.The business’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 EPS. Equities analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share 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.