Campbell Newman Asset Management Inc. Sells 16,142 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Campbell Newman Asset Management Inc. decreased its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 32.9% during the first quarter, HoldingsChannel.com reports. The firm owned 32,985 shares of the biotechnology company’s stock after selling 16,142 shares during the quarter. Campbell Newman Asset Management Inc.’s holdings in Corcept Therapeutics were worth $3,768,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Kestra Investment Management LLC purchased a new position in Corcept Therapeutics in the 4th quarter worth about $27,000. Canada Pension Plan Investment Board purchased a new position in Corcept Therapeutics in the 4th quarter worth about $40,000. National Bank of Canada FI purchased a new position in Corcept Therapeutics in the 4th quarter worth about $42,000. Principal Securities Inc. raised its position in Corcept Therapeutics by 63.6% in the 4th quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company’s stock worth $63,000 after buying an additional 483 shares during the last quarter. Finally, Gen Wealth Partners Inc purchased a new stake in shares of Corcept Therapeutics during the 4th quarter valued at about $67,000. Institutional investors own 93.61% of the company’s stock.

Insider Activity at Corcept Therapeutics

In related news, CEO Joseph K. Belanoff sold 1,974 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $60.83, for a total transaction of $120,078.42. Following the sale, the chief executive officer now owns 3,017,437 shares in the company, valued at approximately $183,550,692.71. This represents a 0.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider William Guyer sold 7,060 shares of the stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $74.31, for a total value of $524,628.60. Following the sale, the insider now owns 5,487 shares in the company, valued at $407,738.97. The trade was a 56.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 362,325 shares of company stock worth $30,509,238. Company insiders own 20.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Canaccord Genuity Group upped their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a research report on Tuesday, April 1st. Piper Sandler upped their price target on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a research report on Thursday, April 3rd. HC Wainwright reduced their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Wall Street Zen lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, May 14th. Finally, Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Corcept Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $138.25.

Corcept Therapeutics Stock Down 1.6%

NASDAQ CORT opened at $70.06 on Friday. 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 market capitalization of $7.43 billion, a P/E ratio of 55.60 and a beta of 0.19. Corcept Therapeutics Incorporated has a one year low of $28.04 and a one year high of $117.33. The stock has a 50 day moving average price of $71.48 and a 200-day moving average price of $64.30.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, meeting analysts’ consensus estimates of $0.17. The firm had revenue of $157.21 million during the quarter, compared to the consensus estimate of $177.93 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 EPS. As a group, equities analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal 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.