HighTower Advisors LLC Has $3.31 Million Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

HighTower Advisors LLC lessened its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 7.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 71,666 shares of the biotechnology company’s stock after selling 5,839 shares during the quarter. HighTower Advisors LLC’s holdings in Corcept Therapeutics were worth $3,309,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CORT. M&G PLC acquired a new position in shares of Corcept Therapeutics in the 3rd quarter valued at about $11,173,000. Empowered Funds LLC bought a new stake in shares of Corcept Therapeutics in the 3rd quarter valued at approximately $1,784,000. Milestone Asset Management LLC boosted its position in Corcept Therapeutics by 47.4% during the second quarter. Milestone Asset Management LLC now owns 51,599 shares of the biotechnology company’s stock worth $1,676,000 after purchasing an additional 16,593 shares during the period. Victory Capital Management Inc. boosted its position in Corcept Therapeutics by 49.2% during the third quarter. Victory Capital Management Inc. now owns 41,823 shares of the biotechnology company’s stock worth $1,936,000 after purchasing an additional 13,787 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Corcept Therapeutics by 20.0% during 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 period. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $56.33 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The stock has a fifty day moving average price of $52.86 and a two-hundred day moving average price of $40.96. Corcept Therapeutics Incorporated has a 52-week low of $20.84 and a 52-week high of $62.22. The firm has a market capitalization of $5.90 billion, a P/E ratio of 44.70 and a beta of 0.51.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. StockNews.com cut 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. Piper Sandler upped their price target on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. HC Wainwright reiterated a “buy” rating and set a $80.00 price target on shares of Corcept Therapeutics in a report on Thursday, October 31st. Finally, Truist Financial upped their price target on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $65.25.

Insider Activity at Corcept Therapeutics

In other news, insider Gary Charles Robb sold 11,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total transaction of $509,080.00. Following the sale, the insider now owns 22,772 shares of the company’s stock, valued at $1,053,888.16. This trade represents a 32.57 % 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, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $59.46, for a total value of $130,812.00. The disclosure for this sale can be found here. Insiders have sold a total of 26,811 shares of company stock worth $1,341,360 over the last 90 days. 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.