Graham Capital Management L.P. Reduces Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Graham Capital Management L.P. cut its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 38.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,281 shares of the biotechnology company’s stock after selling 8,223 shares during the quarter. Graham Capital Management L.P.’s holdings in Corcept Therapeutics were worth $669,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CORT. Kestra Investment Management LLC acquired a new position in Corcept Therapeutics in the 4th quarter worth $27,000. Canada Pension Plan Investment Board acquired a new position in shares of Corcept Therapeutics in the fourth quarter worth about $40,000. National Bank of Canada FI acquired a new position in shares of Corcept Therapeutics in the fourth quarter worth about $42,000. USA Financial Formulas purchased a new position in Corcept Therapeutics in the fourth quarter valued at about $54,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Corcept Therapeutics during the 4th quarter valued at approximately $58,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $70.84 on Thursday. The stock has a market capitalization of $7.51 billion, a PE ratio of 56.22 and a beta of 0.22. The business’s fifty day moving average price is $67.83 and its 200 day moving average price is $61.27. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. Corcept Therapeutics Incorporated has a 12-month low of $27.30 and a 12-month high of $117.33.

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $70.22, for a total value of $154,484.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Joseph Douglas Lyon sold 421 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $60.58, for a total transaction of $25,504.18. Following the transaction, the insider now directly owns 9,009 shares of the company’s stock, valued at $545,765.22. The trade was a 4.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 236,738 shares of company stock valued at $20,484,994. Insiders own 20.80% of the company’s stock.

Corcept Therapeutics Company 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.