Allspring Global Investments Holdings LLC Has $9.01 Million Stock Holdings in Corcept Therapeutics Incorporated $CORT

Allspring Global Investments Holdings LLC trimmed its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 57.8% in the 1st quarter, Holdings Channel.com reports. The fund owned 214,572 shares of the biotechnology company’s stock after selling 293,395 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Corcept Therapeutics were worth $9,008,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of Corcept Therapeutics by 18.9% during the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock worth $1,757,000 after purchasing an additional 2,444 shares in the last quarter. Amundi bought a new stake in shares of Corcept Therapeutics in the 1st quarter valued at approximately $450,000. NewEdge Advisors LLC bought a new stake in shares of Corcept Therapeutics in the 1st quarter valued at approximately $518,000. EverSource Wealth Advisors LLC increased its holdings in Corcept Therapeutics by 273.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock worth $106,000 after buying an additional 1,055 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in Corcept Therapeutics by 795.3% in the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock worth $3,391,000 after buying an additional 41,040 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Insider Activity

In other Corcept Therapeutics news, insider Sean Maduck sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $65.59, for a total value of $4,919,250.00. Following the completion of the transaction, the insider owned 8,977 shares of the company’s stock, valued at $588,801.43. This represents a 89.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Atabak Mokari sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.15, for a total value of $3,246,000.00. Following the completion of the sale, the chief financial officer owned 16,130 shares of the company’s stock, valued at $1,308,949.50. This represents a 71.26% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 300,000 shares of company stock valued at $22,088,050. Corporate insiders own 20.70% of the company’s stock.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock opened at $90.88 on Thursday. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $95.79. The firm has a fifty day moving average price of $78.85 and a two-hundred day moving average price of $53.77. The company has a market cap of $9.76 billion, a PE ratio of 259.66 and a beta of 0.47.

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 the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The company had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. During the same quarter in the previous year, the firm posted $0.17 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts expect that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CORT shares. HC Wainwright raised their price objective on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Canaccord Genuity Group boosted their target price on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Wolfe Research upgraded shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. Finally, Piper Sandler lifted their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Corcept Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $88.83.

Corcept Therapeutics Profile

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.