abrdn plc Boosts Stock Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

abrdn plc grew its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 27.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 666,952 shares of the biotechnology company’s stock after purchasing an additional 142,310 shares during the quarter. abrdn plc’s holdings in Corcept Therapeutics were worth $30,867,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CORT. BNP Paribas Financial Markets boosted its stake in Corcept Therapeutics by 199.0% in the 1st quarter. BNP Paribas Financial Markets now owns 211,592 shares of the biotechnology company’s stock worth $5,330,000 after purchasing an additional 140,815 shares in the last quarter. Oak Ridge Investments LLC bought a new position in shares of Corcept Therapeutics in the second quarter worth approximately $984,000. State Board of Administration of Florida Retirement System grew its holdings in shares of Corcept Therapeutics by 190.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 66,866 shares of the biotechnology company’s stock valued at $1,684,000 after buying an additional 43,809 shares during the last quarter. US Bancorp DE increased its position in shares of Corcept Therapeutics by 6,252.3% during the first quarter. US Bancorp DE now owns 25,282 shares of the biotechnology company’s stock valued at $637,000 after acquiring an additional 24,884 shares in the last quarter. Finally, Milestone Asset Management LLC raised its holdings in Corcept Therapeutics by 47.4% in the 2nd quarter. Milestone Asset Management LLC now owns 51,599 shares of the biotechnology company’s stock worth $1,676,000 after acquiring an additional 16,593 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on CORT. HC Wainwright lifted their target price on Corcept Therapeutics from $45.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Canaccord Genuity Group restated a “buy” rating and set a $38.00 target price on shares of Corcept Therapeutics in a research note on Tuesday, July 30th. Truist Financial lifted their price target 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. Finally, Piper Sandler increased their price objective 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Corcept Therapeutics presently has an average rating of “Buy” and a consensus target price of $65.25.

Corcept Therapeutics Stock Down 2.7 %

Corcept Therapeutics stock opened at $46.89 on Thursday. Corcept Therapeutics Incorporated has a 52-week low of $20.84 and a 52-week high of $50.07. The company has a market cap of $4.88 billion, a P/E ratio of 44.24 and a beta of 0.46. The business has a 50-day simple moving average of $41.60 and a two-hundred day simple moving average of $34.21.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Monday, July 29th. The biotechnology company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.09. The business had revenue of $163.80 million during the quarter, compared to analysts’ expectations of $155.14 million. Corcept Therapeutics had a net margin of 21.93% and a return on equity of 23.66%. The firm’s revenue was up 39.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.25 earnings per share. Research analysts anticipate that Corcept Therapeutics Incorporated will post 1.12 EPS for the current fiscal year.

Insider Activity

In related news, insider Gary Charles Robb sold 3,101 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was 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 of the company’s stock, valued at approximately $828,114.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Corcept Therapeutics news, insider William Guyer sold 10,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 6,039 shares in the company, valued at $213,176.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Gary Charles Robb sold 3,101 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.71, for a total transaction of $110,736.71. Following the completion of the sale, the insider now directly owns 23,190 shares of the company’s stock, valued at approximately $828,114.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,101 shares of company stock valued at $972,817 in the last 90 days. Company insiders own 20.50% of the company’s stock.

About Corcept Therapeutics

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.