Prudential Financial Inc. Reduces Stock Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Prudential Financial Inc. decreased its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 2.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 95,659 shares of the biotechnology company’s stock after selling 2,483 shares during the quarter. Prudential Financial Inc.’s holdings in Corcept Therapeutics were worth $4,955,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CORT. Kestra Investment Management LLC purchased a new position in Corcept Therapeutics in the 4th quarter worth about $27,000. USA Financial Formulas bought a new stake in shares of Corcept Therapeutics during the fourth quarter valued at approximately $54,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Corcept Therapeutics in the fourth quarter valued at approximately $58,000. Principal Securities Inc. grew its stake in Corcept Therapeutics by 63.6% in the fourth quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company’s stock worth $63,000 after purchasing an additional 483 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in Corcept Therapeutics during the 4th quarter worth $69,000. 93.61% of the stock is currently owned by institutional investors.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 2,924 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.91, for a total value of $178,100.84. Following the completion of the transaction, the chief executive officer now owns 3,019,411 shares of the company’s stock, valued at approximately $183,912,324.01. This trade represents a 0.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Sean Maduck sold 20,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the sale, the insider now directly owns 85,318 shares in the company, valued at $4,299,174.02. This trade represents a 18.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,022 shares of company stock valued at $2,703,257 in the last quarter. 20.50% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock opened at $114.22 on Tuesday. Corcept Therapeutics Incorporated has a one year low of $20.84 and a one year high of $117.33. The company has a market capitalization of $12.05 billion, a PE ratio of 90.65 and a beta of 0.61. 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 company has a 50-day simple moving average of $63.07 and a two-hundred day simple moving average of $55.29.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The firm had revenue of $181.89 million for the quarter, compared to analysts’ expectations of $200.12 million. Research analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on CORT. Canaccord Genuity Group increased their price target on Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Piper Sandler increased their target price on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. HC Wainwright boosted their price target on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the company a “buy” rating in a report on Monday. StockNews.com downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Finally, Truist Financial lifted their price objective on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a report on Monday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Corcept Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $127.00.

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.