NewEdge Wealth LLC grew its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT – Free Report) by 234.3% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 27,887 shares of the biotechnology company’s stock after buying an additional 19,546 shares during the period. NewEdge Wealth LLC’s holdings in Corcept Therapeutics were worth $1,124,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in CORT. Parallel Advisors LLC grew its position in Corcept Therapeutics by 2.5% in the first quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock worth $160,329,000 after acquiring an additional 96,763 shares in the last quarter. State Street Corp raised its position in Corcept Therapeutics by 0.5% during the fourth quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company’s stock valued at $103,915,000 after purchasing an additional 15,656 shares in the last quarter. Geode Capital Management LLC raised its position in Corcept Therapeutics by 38.0% during the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock valued at $92,892,000 after purchasing an additional 734,646 shares in the last quarter. First Trust Advisors LP lifted its stake in Corcept Therapeutics by 213.5% during the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock worth $87,609,000 after purchasing an additional 1,480,059 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Corcept Therapeutics by 34.1% during the fourth quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company’s stock worth $55,404,000 after purchasing an additional 405,081 shares during the last quarter. 93.61% of the stock is owned by institutional investors.
Corcept Therapeutics Stock Down 4.4%
NASDAQ CORT opened at $91.12 on Tuesday. The company has a 50-day simple moving average of $81.12 and a two-hundred day simple moving average of $55.00. Corcept Therapeutics Incorporated has a 12-month low of $28.66 and a 12-month high of $97.63. The firm has a market cap of $9.78 billion, a price-to-earnings ratio of 260.35 and a beta of 0.47.
Insider Activity at Corcept Therapeutics
In other Corcept Therapeutics news, Director James N. Wilson sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $83.20, for a total value of $832,000.00. Following the completion of the sale, the director owned 1,094,543 shares in the company, valued at approximately $91,065,977.60. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider William Guyer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $93.13, for a total value of $1,862,600.00. Following the sale, the insider directly owned 3,985 shares of the company’s stock, valued at approximately $371,123.05. This trade represents a 83.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 300,000 shares of company stock worth $22,088,050 over the last three months. Corporate insiders own 20.70% of the company’s stock.
Analyst Upgrades and Downgrades
CORT has been the topic of several recent research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. Wolfe Research restated an “underperform” rating and issued a $50.00 target price on shares of Corcept Therapeutics in a research report on Monday. HC Wainwright upped their target price on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Truist Financial raised Corcept Therapeutics to a “strong-buy” rating in a research note on Monday, June 15th. Finally, UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.17.
Read Our Latest Stock Report on Corcept Therapeutics
About Corcept Therapeutics
Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.
The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.
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Want to see what other hedge funds are holding CORT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corcept Therapeutics Incorporated (NASDAQ:CORT – Free Report).
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