Corcept Therapeutics Incorporated (NASDAQ:CORT) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC cut its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 1.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 258,753 shares of the biotechnology company’s stock after selling 4,543 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Corcept Therapeutics were worth $11,975,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CORT. Vanguard Group Inc. raised its stake in shares of Corcept Therapeutics by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 9,565,782 shares of the biotechnology company’s stock valued at $240,962,000 after acquiring an additional 28,250 shares during the period. Dimensional Fund Advisors LP raised its position in Corcept Therapeutics by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,676,335 shares of the biotechnology company’s stock valued at $86,952,000 after purchasing an additional 108,658 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in shares of Corcept Therapeutics during the first quarter worth about $18,426,000. abrdn plc boosted its position in shares of Corcept Therapeutics by 27.1% in the third quarter. abrdn plc now owns 666,952 shares of the biotechnology company’s stock worth $30,867,000 after buying an additional 142,310 shares during the period. Finally, Clearbridge Investments LLC acquired a new stake in shares of Corcept Therapeutics in the first quarter valued at about $14,670,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $59.88, for a total value of $131,736.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gary Charles Robb sold 11,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total transaction of $509,080.00. Following the sale, the insider now owns 22,772 shares in the company, valued at approximately $1,053,888.16. This trade represents a 32.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,301 shares of company stock worth $1,594,253. 20.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CORT shares. Truist Financial upped their price target on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Corcept Therapeutics in a report on Thursday, October 31st. Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Canaccord Genuity Group reissued a “buy” rating and issued a $38.00 price objective on shares of Corcept Therapeutics in a research report on Tuesday, July 30th. Finally, StockNews.com raised Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 31st. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $65.25.

Corcept Therapeutics Price Performance

Shares of CORT stock opened at $51.83 on Monday. The firm has a fifty day moving average of $46.46 and a two-hundred day moving average of $36.99. The firm has a market cap of $5.43 billion, a P/E ratio of 41.13 and a beta of 0.45. Corcept Therapeutics Incorporated has a 1-year low of $20.84 and a 1-year high of $61.66. 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 (NASDAQ:CORT) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business had revenue of $182.55 million during the quarter, compared to the consensus estimate of $171.97 million. During the same period last year, the firm earned $0.28 earnings per share. The company’s revenue for the quarter was up 47.7% compared to the same quarter last year. As a group, research analysts anticipate that Corcept Therapeutics Incorporated will post 1.31 earnings per share for the current fiscal year.

About Corcept Therapeutics

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.