Bridge City Capital LLC has significantly reduced its investment in Corcept Therapeutics Incorporated, cutting its holdings by 53.5% in the second quarter of 2023. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the institutional investor now owns 19,542 shares of the biotechnology firm after selling 22,487 shares during this period. The remaining shares are valued at approximately $1.43 million.
Several other institutional investors have also adjusted their positions regarding Corcept Therapeutics (NASDAQ:CORT). For instance, Golden State Wealth Management LLC entered the market with a new investment valued at $28,000 in the second quarter. Meanwhile, Huntington National Bank increased its holdings by 54.0%, owning 479 shares worth $35,000 after acquiring an additional 168 shares.
Brooklyn Investment Group raised its position by 99.5% in the first quarter, now holding 373 shares valued at $43,000. Additionally, the Employees Retirement System of Texas and USA Financial Formulas made new investments valued at about $52,000 and $56,000, respectively. Overall, institutional investors now control 93.61% of Corcept Therapeutics’ stock.
Wall Street Analysts Weigh In
Research analysts have provided mixed assessments regarding Corcept Therapeutics. Wall Street Zen downgraded the company from a “buy” to a “hold” rating in a report dated October 18, 2023. Conversely, HC Wainwright reaffirmed a “buy” rating, setting a price target of $145.00 per share in a report on November 25, 2023. Canaccord Genuity Group also maintained a “buy” rating with a target price of $140.00.
The consensus among analysts is that Corcept Therapeutics holds an average rating of “hold” with a consensus target price of $135.25. Notably, four analysts have rated the stock as a buy, while two have opted for a hold rating, and one has issued a sell rating.
Insider Trading Activity
Recent insider trading has seen significant activity at Corcept Therapeutics. On December 2, 2023, insider William Guyer sold 20,000 shares at an average price of $80.08, totaling $1.6 million. Following this transaction, Guyer holds 1,235 shares, a substantial decrease of 94.18% in his position.
Similarly, on December 1, 2023, Joseph Douglas Lyon sold 5,000 shares for $397,650.00, leaving him with 10,277 shares, reflecting a 32.73% reduction in ownership. Over the last 90 days, insiders have collectively sold 263,900 shares valued at approximately $21.16 million, with corporate insiders owning 20.80% of the company’s stock.
Corcept Therapeutics’ stock opened at $83.67 on Thursday, remaining below its 52-week high of $117.33 and above its low of $49.00. The company has a market capitalization of $8.80 billion, a P/E ratio of 95.08, and a beta of 0.20.
In its most recent earnings report released on November 4, 2023, Corcept reported earnings per share of $0.16, falling short of analysts’ expectations of $0.18. The company recorded revenue of $207.64 million, lower than the projected $223.78 million, although this reflects a year-over-year growth of 13.8%.
Corcept Therapeutics specializes in the discovery and development of medications for severe endocrinologic, oncologic, metabolic, and neurologic disorders, with its flagship product, Korlym, aimed at treating hyperglycemia associated with Cushing’s syndrome in specific adult patients.
For those interested in tracking institutional holdings and insider activity, resources like HoldingsChannel.com provide up-to-date information on Corcept Therapeutics and other public companies.
