Van ECK Associates Corp Has $12.10 Million Position in Corcept Therapeutics Incorporated $CORT

Van ECK Associates Corp lessened its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 12.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 139,135 shares of the biotechnology company’s stock after selling 20,415 shares during the period. Van ECK Associates Corp owned about 0.13% of Corcept Therapeutics worth $12,098,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Advisory Services Network LLC purchased a new stake in Corcept Therapeutics in the 3rd quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Corcept Therapeutics during the 2nd quarter valued at about $27,000. Atlas Capital Advisors Inc. purchased a new position in Corcept Therapeutics during the 4th quarter valued at about $31,000. State of Wyoming increased its holdings in shares of Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 186 shares during the period. Finally, Hantz Financial Services Inc. increased its holdings in shares of Corcept Therapeutics by 113.7% in the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 524 shares during the period. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Insiders Place Their Bets

In related news, Director Kimberly Park sold 26,685 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total value of $3,270,246.75. Following the transaction, the director directly owned 30,000 shares of the company’s stock, valued at approximately $3,676,500. This trade represents a 47.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Maduck sold 30,955 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $125.58, for a total value of $3,887,328.90. Following the completion of the sale, the insider owned 9,755 shares of the company’s stock, valued at approximately $1,225,032.90. This trade represents a 76.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 412,786 shares of company stock worth $44,849,840 in the last 90 days. 20.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently commented on CORT. Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Wolfe Research lowered shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 target price for the company. in a research note on Monday, July 27th. Finally, Truist Financial started coverage on shares of Corcept Therapeutics in a report on Tuesday, August 18th. They set a “buy” rating and a $164.00 price target on the stock. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $138.17.

Corcept Therapeutics Stock Performance

NASDAQ:CORT opened at $113.35 on Tuesday. The company has a market capitalization of $12.25 billion, a P/E ratio of 269.89 and a beta of 0.45. The stock’s 50 day moving average price is $101.84 and its 200 day moving average price is $68.06. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $126.38.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm had revenue of $256.15 million during the quarter, compared to analysts’ expectations of $221.15 million. During the same period in the previous year, the company earned $0.29 earnings per share. The company’s revenue was up 31.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current fiscal year.

Corcept Therapeutics Company Profile

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.