Clearbridge Investments LLC Has $17.66 Million Position in Corcept Therapeutics Incorporated $CORT

Clearbridge Investments LLC reduced its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 56.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 507,354 shares of the biotechnology company’s stock after selling 654,474 shares during the period. Clearbridge Investments LLC owned 0.48% of Corcept Therapeutics worth $17,656,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Torren Management LLC acquired a new stake in Corcept Therapeutics in the 4th quarter valued at $25,000. Advisory Services Network LLC acquired a new position in shares of Corcept Therapeutics during the 3rd quarter worth about $25,000. Clearstead Advisors LLC increased its stake in shares of Corcept Therapeutics by 163.6% during the 3rd quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 193 shares during the last quarter. Hantz Financial Services Inc. increased its stake in shares of Corcept Therapeutics by 113.7% during the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock worth $34,000 after purchasing an additional 524 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in shares of Corcept Therapeutics by 2,326.3% during the 3rd 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 institutional investors and hedge funds.

Analysts Set New Price Targets

CORT has been the topic of several recent analyst reports. Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. HC Wainwright boosted their price objective on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Wolfe Research upgraded shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. Piper Sandler boosted their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Finally, UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $88.83.

Corcept Therapeutics Stock Up 5.7%

NASDAQ CORT opened at $77.49 on Wednesday. The company has a market capitalization of $8.32 billion, a P/E ratio of 221.41 and a beta of 0.50. Corcept Therapeutics Incorporated has a 12-month low of $28.66 and a 12-month high of $91.00. The firm has a 50-day moving average price of $53.22 and a two-hundred day moving average price of $51.98.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The business had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.17 EPS. Equities analysts expect that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

Insider Transactions at Corcept Therapeutics

In other news, CEO Joseph K. Belanoff sold 26,198 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $50.07, for a total value of $1,311,733.86. Following the completion of the transaction, the chief executive officer directly owned 2,918,326 shares in the company, valued at approximately $146,120,582.82. The trade was a 0.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Atabak Mokari sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $70.00, for a total transaction of $2,800,000.00. Following the completion of the transaction, the chief financial officer owned 15,257 shares of the company’s stock, valued at $1,067,990. The trade was a 72.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 242,965 shares of company stock worth $14,802,964. 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.