Cornercap Investment Counsel Inc. Sells 13,785 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Cornercap Investment Counsel Inc. lowered its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 59.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,212 shares of the biotechnology company’s stock after selling 13,785 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Corcept Therapeutics were worth $426,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. CIBC Asset Management Inc bought a new stake in Corcept Therapeutics in the 3rd quarter valued at about $241,000. Intellectus Partners LLC bought a new stake in Corcept Therapeutics in the 3rd quarter valued at about $2,539,000. KBC Group NV raised its position in shares of Corcept Therapeutics by 21.3% in the 3rd quarter. KBC Group NV now owns 2,822 shares of the biotechnology company’s stock valued at $131,000 after buying an additional 496 shares in the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Corcept Therapeutics by 23.9% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 24,774 shares of the biotechnology company’s stock valued at $1,147,000 after buying an additional 4,774 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Corcept Therapeutics by 49.2% in the 3rd quarter. Victory Capital Management Inc. now owns 41,823 shares of the biotechnology company’s stock valued at $1,936,000 after buying an additional 13,787 shares in the last quarter. Institutional investors own 93.61% of the company’s stock.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider William Guyer sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the transaction, the insider now directly owns 6,039 shares of the company’s stock, valued at approximately $213,176.70. This trade represents a 62.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $59.88, for a total transaction of $131,736.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,301 shares of company stock worth $1,594,253. 20.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Piper Sandler boosted their target price on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, September 18th. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Canaccord Genuity Group reiterated a “buy” rating and set a $38.00 price objective on shares of Corcept Therapeutics in a research report on Tuesday, July 30th. Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. Finally, Truist Financial upped their price objective on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $65.25.

Corcept Therapeutics Price Performance

CORT stock opened at $51.83 on Friday. The company has a fifty day moving average price of $46.46 and a 200-day moving average price of $36.90. The company has a market capitalization of $5.43 billion, a P/E ratio of 41.14 and a beta of 0.45. Corcept Therapeutics Incorporated has a 52-week low of $20.84 and a 52-week high of $61.66. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.14. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The company had revenue of $182.55 million during the quarter, compared to analysts’ expectations of $171.97 million. During the same period in the prior year, the company posted $0.28 earnings per share. Corcept Therapeutics’s revenue for the quarter was up 47.7% compared to the same quarter last year. As a group, equities analysts expect that Corcept Therapeutics Incorporated will post 1.31 EPS for the current year.

Corcept Therapeutics 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.