First Trust Advisors LP Reduces Position in Corcept Therapeutics Incorporated $CORT

First Trust Advisors LP trimmed its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 41.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 537,186 shares of the biotechnology company’s stock after selling 387,131 shares during the quarter. First Trust Advisors LP’s holdings in Corcept Therapeutics were worth $39,429,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CORT. Golden State Wealth Management LLC acquired a new stake in shares of Corcept Therapeutics in the second quarter valued at approximately $28,000. Huntington National Bank grew its holdings in Corcept Therapeutics by 54.0% in the 2nd quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock valued at $35,000 after buying an additional 168 shares in the last quarter. Brooklyn Investment Group increased its stake in shares of Corcept Therapeutics by 99.5% in the 1st quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company’s stock worth $43,000 after acquiring an additional 186 shares during the last quarter. Employees Retirement System of Texas purchased a new position in shares of Corcept Therapeutics during the 2nd quarter worth $52,000. Finally, USA Financial Formulas purchased a new position in shares of Corcept Therapeutics during the 2nd quarter worth $56,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Performance

NASDAQ CORT opened at $83.15 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.14 and a quick ratio of 3.07. The company has a market cap of $8.75 billion, a P/E ratio of 94.49 and a beta of 0.20. The stock has a 50-day moving average of $78.25 and a two-hundred day moving average of $74.53. Corcept Therapeutics Incorporated has a 1-year low of $49.00 and a 1-year high of $117.33.

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

Insider Buying and Selling at Corcept Therapeutics

In other news, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $85.08, for a total value of $3,403,200.00. Following the sale, the chief executive officer directly owned 2,781,370 shares in the company, valued at approximately $236,638,959.60. This trade represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $75.36, for a total value of $1,507,200.00. Following the completion of the transaction, the insider owned 5,287 shares of the company’s stock, valued at approximately $398,428.32. This trade represents a 79.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 261,700 shares of company stock valued at $21,002,348 in the last 90 days. Company insiders own 20.50% of the company’s stock.

Analyst Upgrades and Downgrades

CORT has been the subject of several recent analyst reports. Wall Street Zen cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Wolfe Research assumed coverage on shares of Corcept Therapeutics in a report on Tuesday, November 18th. They set a “peer perform” rating for the company. HC Wainwright reiterated a “buy” rating and issued a $145.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, November 25th. Canaccord Genuity Group reiterated a “buy” rating and issued a $140.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Finally, Zacks Research downgraded Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 1st. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $135.25.

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.