Clearbridge Investments LLC Reduces Stock Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Clearbridge Investments LLC reduced its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 9.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 481,389 shares of the biotechnology company’s stock after selling 52,304 shares during the quarter. Clearbridge Investments LLC’s holdings in Corcept Therapeutics were worth $24,257,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership lifted its stake in shares of Corcept Therapeutics by 4.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,644,942 shares of the biotechnology company’s stock valued at $82,889,000 after acquiring an additional 64,321 shares during the last quarter. denkapparat Operations GmbH bought a new position in Corcept Therapeutics in the fourth quarter worth $302,000. Pictet Asset Management Holding SA boosted its stake in Corcept Therapeutics by 13.8% during the fourth quarter. Pictet Asset Management Holding SA now owns 13,538 shares of the biotechnology company’s stock worth $682,000 after acquiring an additional 1,639 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Corcept Therapeutics in the 4th quarter worth approximately $177,000. Finally, Norges Bank purchased a new stake in shares of Corcept Therapeutics in the fourth quarter worth $42,055,000. Institutional investors own 93.61% of the company’s stock.

Insiders Place Their Bets

In other news, insider Sean Maduck sold 20,000 shares of Corcept Therapeutics stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total value of $1,007,800.00. Following the completion of the transaction, the insider now owns 85,318 shares in the company, valued at approximately $4,299,174.02. This trade represents a 18.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $68.08, for a total value of $149,776.00. The disclosure for this sale can be found here. Insiders have sold 48,022 shares of company stock valued at $2,703,257 over the last ninety days. Company insiders own 20.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. HC Wainwright lifted their price objective on Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Monday. Truist Financial increased their price objective on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday. Piper Sandler lifted their price objective on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the company an “overweight” rating in a research report on Thursday, February 27th. StockNews.com downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Finally, Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.00.

Corcept Therapeutics Trading Down 19.5 %

NASDAQ:CORT opened at $91.93 on Wednesday. Corcept Therapeutics Incorporated has a 12 month low of $20.84 and a 12 month high of $117.33. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $9.70 billion, a P/E ratio of 72.96 and a beta of 0.61. The firm has a fifty day simple moving average of $63.69 and a 200-day simple moving average of $55.67.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The business had revenue of $181.89 million during the quarter, compared to analyst estimates of $200.12 million. On average, equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

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.