Victory Capital Management Inc. Cuts Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Victory Capital Management Inc. reduced its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 19.5% during the second quarter, Holdings Channel.com reports. The institutional investor owned 28,036 shares of the biotechnology company’s stock after selling 6,810 shares during the period. Victory Capital Management Inc.’s holdings in Corcept Therapeutics were worth $911,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CORT. GAMMA Investing LLC boosted its holdings in shares of Corcept Therapeutics by 90.6% in the 1st quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock worth $31,000 after buying an additional 579 shares during the last quarter. Park Place Capital Corp purchased a new position in shares of Corcept Therapeutics in the 2nd quarter worth about $32,000. Atwood & Palmer Inc. purchased a new position in shares of Corcept Therapeutics in the 2nd quarter worth about $35,000. FinTrust Capital Advisors LLC boosted its holdings in shares of Corcept Therapeutics by 318.7% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,771 shares of the biotechnology company’s stock worth $45,000 after buying an additional 1,348 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in shares of Corcept Therapeutics by 27.0% in the 4th quarter. Quadrant Capital Group LLC now owns 2,107 shares of the biotechnology company’s stock worth $68,000 after buying an additional 448 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Up 3.3 %

NASDAQ CORT opened at $42.25 on Friday. The company has a market cap of $4.40 billion, a PE ratio of 39.86 and a beta of 0.45. Corcept Therapeutics Incorporated has a 52 week low of $20.84 and a 52 week high of $43.74. The firm’s 50-day simple moving average is $35.38 and its two-hundred day simple moving average is $29.99.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Monday, July 29th. The biotechnology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.09. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The firm had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $155.14 million. During the same period in the prior year, the business posted $0.25 earnings per share. The company’s revenue was up 39.1% on a year-over-year basis. As a group, equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.1 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Piper Sandler boosted their price target on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $38.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, July 30th. HC Wainwright upped their price objective on shares of Corcept Therapeutics from $40.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, Truist Financial reaffirmed a “buy” rating and set a $65.00 price objective on shares of Corcept Therapeutics in a report on Monday, June 17th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Corcept Therapeutics currently has an average rating of “Buy” and an average price target of $53.75.

Insider Activity

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $32.81, for a total transaction of $72,182.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Gary Charles Robb sold 3,101 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.71, for a total value of $110,736.71. Following the transaction, the insider now directly owns 23,190 shares in the company, valued at $828,114.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $32.81, for a total transaction of $72,182.00. The disclosure for this sale can be found here. Insiders have sold a total of 30,451 shares of company stock worth $1,090,844 over the last ninety days. Company insiders own 20.50% of the company’s stock.

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.