Franklin Resources Inc. Purchases 156,248 Shares of Corcept Therapeutics Incorporated $CORT

Franklin Resources Inc. boosted its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 46.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 489,340 shares of the biotechnology company’s stock after purchasing an additional 156,248 shares during the quarter. Franklin Resources Inc.’s holdings in Corcept Therapeutics were worth $35,918,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in shares of Corcept Therapeutics in the second quarter worth $28,000. Huntington National Bank boosted its stake in Corcept Therapeutics by 54.0% during the second quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock valued at $35,000 after buying an additional 168 shares during the period. Brooklyn Investment Group grew its position in Corcept Therapeutics by 99.5% during the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company’s stock worth $43,000 after buying an additional 186 shares in the last quarter. USA Financial Formulas bought a new position in Corcept Therapeutics in the 2nd quarter worth about $56,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Corcept Therapeutics by 277.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 910 shares of the biotechnology company’s stock valued at $67,000 after acquiring an additional 669 shares in the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Performance

CORT stock opened at $79.80 on Thursday. The company has a market capitalization of $8.39 billion, a PE ratio of 70.62 and a beta of 0.43. Corcept Therapeutics Incorporated has a one year low of $49.00 and a one year high of $117.33. The company’s 50 day moving average price is $78.26 and its two-hundred day moving average price is $74.03.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The business had revenue of $207.64 million during the quarter, compared to analysts’ expectations of $223.78 million. During the same period last year, the company posted $0.41 EPS. Corcept Therapeutics’s revenue for the quarter was up 13.8% on a year-over-year basis. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, research analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on CORT shares. HC Wainwright reiterated a “buy” rating and set a $145.00 price target on shares of Corcept Therapeutics in a research report on Tuesday. Zacks Research lowered shares of Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 1st. Piper Sandler cut their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an “overweight” rating for the company in a research note on Friday, August 1st. Wall Street Zen lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $140.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Corcept Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $135.25.

Insiders Place Their Bets

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $87.54, for a total value of $192,588.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Maduck sold 20,000 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $73.99, for a total value of $1,479,800.00. Following the sale, the insider owned 7,904 shares of the company’s stock, valued at $584,816.96. This represents a 71.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 263,900 shares of company stock valued at $20,373,338 over the last three months. 20.80% of the stock is currently owned by company insiders.

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.