Evanson Asset Management LLC Sells 2,529 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Evanson Asset Management LLC trimmed its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 10.8% in the 4th quarter, HoldingsChannel reports. The firm owned 20,915 shares of the biotechnology company’s stock after selling 2,529 shares during the quarter. Evanson Asset Management LLC’s holdings in Corcept Therapeutics were worth $1,054,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. lifted its position in shares of Corcept Therapeutics by 40.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,223,781 shares of the biotechnology company’s stock worth $56,637,000 after buying an additional 352,947 shares in the last quarter. FMR LLC boosted its position in shares of Corcept Therapeutics by 24.6% during the 3rd quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock valued at $63,122,000 after acquiring an additional 269,074 shares during the last quarter. M&G PLC purchased a new position in shares of Corcept Therapeutics in the third quarter valued at $11,173,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Corcept Therapeutics by 20.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company’s stock worth $39,781,000 after purchasing an additional 143,507 shares during the last quarter. Finally, abrdn plc raised its stake in Corcept Therapeutics by 27.1% during the third quarter. abrdn plc now owns 666,952 shares of the biotechnology company’s stock valued at $30,867,000 after purchasing an additional 142,310 shares in the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Truist Financial lifted their price objective on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Finally, HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Corcept Therapeutics in a report on Thursday, October 31st. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $65.25.

Corcept Therapeutics Price Performance

Shares of CORT stock opened at $55.31 on Monday. The stock has a 50 day moving average price of $54.81 and a 200 day moving average price of $44.95. Corcept Therapeutics Incorporated has a 52-week low of $20.84 and a 52-week high of $62.22. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The firm has a market capitalization of $5.80 billion, a P/E ratio of 43.90 and a beta of 0.56.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.14. The firm had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The business’s revenue was up 47.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.28 earnings per share. As a group, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $59.88, for a total value of $131,736.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Guyer sold 6,606 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $48.97, for a total transaction of $323,495.82. Following the transaction, the insider now directly owns 5,796 shares in the company, valued at $283,830.12. This trade represents a 53.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,011 shares of company stock worth $1,951,268 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.