Wellington Management Group LLP Decreases Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Wellington Management Group LLP reduced its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 9.3% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 41,066 shares of the biotechnology company’s stock after selling 4,195 shares during the period. Wellington Management Group LLP’s holdings in Corcept Therapeutics were worth $1,901,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Hancock Whitney Corp boosted its stake in shares of Corcept Therapeutics by 1.2% in the third quarter. Hancock Whitney Corp now owns 22,954 shares of the biotechnology company’s stock worth $1,062,000 after acquiring an additional 270 shares during the last quarter. KBC Group NV boosted its stake in Corcept Therapeutics by 21.3% during the 3rd quarter. KBC Group NV now owns 2,822 shares of the biotechnology company’s stock worth $131,000 after purchasing an additional 496 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Corcept Therapeutics by 10.5% during the second quarter. Nisa Investment Advisors LLC now owns 5,368 shares of the biotechnology company’s stock worth $174,000 after buying an additional 510 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Corcept Therapeutics in the third quarter valued at about $25,000. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Corcept Therapeutics by 0.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 127,348 shares of the biotechnology company’s stock valued at $4,138,000 after buying an additional 541 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on CORT shares. Piper Sandler upped their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a report on Thursday, October 31st. Truist Financial boosted their price objective on 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 note on Monday, November 25th. Finally, Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. Six analysts have rated the stock with a buy rating, According to MarketBeat, Corcept Therapeutics has an average rating of “Buy” and a consensus price target of $65.25.

Corcept Therapeutics Trading Down 4.9 %

Shares of Corcept Therapeutics stock opened at $52.42 on Thursday. Corcept Therapeutics Incorporated has a fifty-two week low of $20.84 and a fifty-two 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 $5.49 billion, a price-to-earnings ratio of 41.60 and a beta of 0.51. The stock has a 50 day moving average of $53.46 and a 200 day moving average of $41.64.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business 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 business posted $0.28 EPS. The company’s revenue was up 47.7% compared to the same quarter last year. As a group, research analysts predict that Corcept Therapeutics Incorporated will post 1.35 earnings per share for the current year.

Insider Activity

In other news, insider Joseph Douglas Lyon sold 1,411 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.72, for a total transaction of $80,031.92. Following the completion of the transaction, the insider now directly owns 8,494 shares in the company, valued at $481,779.68. This trade represents a 14.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William Guyer sold 3,394 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $48.97, for a total value of $166,204.18. Following the completion of the sale, the insider now owns 5,796 shares in the company, valued at $283,830.12. This represents a 36.93 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,811 shares of company stock valued at $1,341,360. 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.