M&T Bank Corp Has $483,000 Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

M&T Bank Corp cut its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 4.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,418 shares of the biotechnology company’s stock after selling 534 shares during the quarter. M&T Bank Corp’s holdings in Corcept Therapeutics were worth $483,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CORT. SG Americas Securities LLC grew its stake in Corcept Therapeutics by 19.8% during the second quarter. SG Americas Securities LLC now owns 8,184 shares of the biotechnology company’s stock worth $266,000 after purchasing an additional 1,353 shares during the period. Blue Trust Inc. grew its position in shares of Corcept Therapeutics by 125.4% during the 2nd quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company’s stock worth $115,000 after buying an additional 1,962 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Corcept Therapeutics by 10.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,368 shares of the biotechnology company’s stock worth $174,000 after buying an additional 510 shares during the period. Louisiana State Employees Retirement System increased its stake in shares of Corcept Therapeutics by 2.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 46,100 shares of the biotechnology company’s stock valued at $1,498,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new position in shares of Corcept Therapeutics during the 2nd quarter valued at $373,000. Institutional investors own 93.61% of the company’s stock.

Wall Street Analyst Weigh In

CORT has been the subject of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a research note on Thursday, October 31st. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. Truist Financial increased 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. Piper Sandler boosted their price objective on Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Finally, Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $65.25.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $55.14 on Wednesday. The firm has a market capitalization of $5.78 billion, a P/E ratio of 43.83 and a beta of 0.51. Corcept Therapeutics Incorporated has a 52 week low of $20.84 and a 52 week high of $62.22. The stock has a 50 day moving average price of $53.28 and a two-hundred day moving average price of $41.46. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the company posted $0.28 earnings per share. Corcept Therapeutics’s revenue was up 47.7% compared to the same quarter last year. Equities analysts forecast that Corcept Therapeutics Incorporated will post 1.35 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Gary Charles Robb sold 11,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the sale, the insider now directly owns 22,772 shares of the company’s stock, valued at approximately $1,053,888.16. This trade represents a 32.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William Guyer sold 3,394 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $48.97, for a total value of $166,204.18. Following the completion of the transaction, the insider now directly owns 5,796 shares in the company, valued at approximately $283,830.12. This represents a 36.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,811 shares of company stock worth $1,341,360 over the last quarter. Insiders own 20.50% of the company’s stock.

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.