Bridge City Capital LLC has significantly reduced its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT), decreasing its stake by 53.5% during the second quarter of 2023. According to the firm’s recent filing with the Securities and Exchange Commission (SEC), Bridge City Capital now owns 19,542 shares of the biotechnology company after selling 22,487 shares during the quarter. As of the end of June, these holdings were valued at approximately $1.43 million.
Other institutional investors have also made notable adjustments to their positions in Corcept Therapeutics. For instance, Golden State Wealth Management LLC acquired a new position in the company valued at $28,000 during the second quarter. Meanwhile, Huntington National Bank increased its holdings by 54.0%, bringing its total to 479 shares valued at $35,000 after purchasing an additional 168 shares.
Investment activity was also seen from Brooklyn Investment Group, which raised its position by 99.5% in the first quarter. The firm now owns 373 shares valued at $43,000 following the purchase of 186 shares. Additionally, the Employees Retirement System of Texas and USA Financial Formulas entered new positions valued at approximately $52,000 and $56,000, respectively. Institutional investors currently hold 93.61% of Corcept Therapeutics’ stock.
Analysts Offer Mixed Ratings on Corcept Therapeutics
Following these changes in ownership, several analysts have provided insights into Corcept Therapeutics’ stock performance. Wall Street Zen downgraded the company from a “buy” to a “hold” rating on October 18. Conversely, HC Wainwright maintained a “buy” rating, setting a price target of $145.00. Similarly, Canaccord Genuity Group reaffirmed its “buy” rating with a target of $140.00.
In contrast, Zacks Research reduced its rating from “hold” to “strong sell,” highlighting the mixed sentiment among analysts. Currently, four analysts have rated the stock as a “buy,” while two have issued a “hold” rating, and one has given it a “sell” rating. According to MarketBeat, Corcept Therapeutics has an average rating of “hold” with a consensus price target of $135.25.
Insider Activity Raises Questions
Recent insider transactions may further impact investor perceptions. On December 2, insider William Guyer sold 20,000 shares at an average price of $80.08, totaling $1.6 million. This sale represents a 94.18% decrease in his position, leaving him with 1,235 shares valued at approximately $98,898.80.
Additionally, insider Joseph Douglas Lyon sold 5,000 shares on December 1, generating a total of $397,650. Following this sale, Lyon retains 10,277 shares valued at around $817,329.81, reflecting a 32.73% reduction in his ownership.
Over the past 90 days, insiders have sold a combined total of 263,900 shares valued at $21.16 million. Corporate insiders currently own 20.80% of the company’s stock.
Corcept Therapeutics has exhibited fluctuating stock performance, with shares opening at $83.67 on a recent Thursday. The stock has a 50-day moving average of $78.19 and a 200-day moving average of $74.32. Over the past year, it reached a low of $49.00 and a high of $117.33. The company maintains a market capitalization of $8.8 billion and holds a P/E ratio of 95.08.
Corcept Therapeutics, based in the United States, specializes in developing treatments for various severe conditions, including endocrinologic and oncologic disorders. Its flagship product, Korlym, is aimed at managing hyperglycemia related to Cushing’s syndrome, particularly in patients who have not succeeded with surgery.
As the company navigates these changes, investors and analysts will be watching closely to see how the adjustments in stock holdings and insider activities influence Corcept Therapeutics’ market trajectory.
