Encompass More Asset Management acquired a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT – Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,986 shares of the biotechnology company’s stock, valued at approximately $690,000.
A number of other institutional investors have also made changes to their positions in CORT. BlackRock Inc. acquired a new stake in Corcept Therapeutics in the 2nd quarter worth approximately $1,080,964,000. Parallel Advisors LLC grew its holdings in Corcept Therapeutics by 2.5% during the first quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock valued at $160,329,000 after purchasing an additional 96,763 shares during the last quarter. First Trust Advisors LP grew its holdings in Corcept Therapeutics by 213.5% during the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock valued at $87,609,000 after purchasing an additional 1,480,059 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Corcept Therapeutics during the second quarter valued at approximately $49,185,000. Finally, Principal Financial Group Inc. raised its position in shares of Corcept Therapeutics by 2.5% in the first quarter. Principal Financial Group Inc. now owns 455,248 shares of the biotechnology company’s stock valued at $18,351,000 after purchasing an additional 11,156 shares during the period. 93.61% of the stock is owned by institutional investors.
Corcept Therapeutics Stock Performance
NASDAQ CORT opened at $110.16 on Friday. The stock has a 50-day simple moving average of $115.66 and a 200 day simple moving average of $86.69. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $126.38. The stock has a market capitalization of $11.91 billion, a PE ratio of 262.29 and a beta of 0.40.
Corcept Therapeutics (NASDAQ:CORT – Get Free Report) last released its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.34. The firm had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%. The company’s revenue was up 31.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 EPS. As a group, equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.83 EPS for the current fiscal year.
Insider Activity at Corcept Therapeutics
In other news, Director David L. Mahoney sold 103,606 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $118.25, for a total value of $12,251,409.50. Following the sale, the director owned 1,133,539 shares in the company, valued at approximately $134,040,986.75. This trade represents a 8.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Sean Maduck sold 30,955 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $125.58, for a total transaction of $3,887,328.90. Following the transaction, the insider directly owned 9,755 shares in the company, valued at $1,225,032.90. This trade represents a 76.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 454,748 shares of company stock valued at $52,786,210. 20.70% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
CORT has been the subject of a number of analyst reports. Zacks Research upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 28th. HC Wainwright reiterated a “buy” rating and issued a $165.00 target price on shares of Corcept Therapeutics in a research note on Friday, September 18th. Piper Sandler reiterated an “overweight” rating and issued a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 1st. Finally, Truist Financial assumed coverage on shares of Corcept Therapeutics in a report on Tuesday, August 18th. They issued a “buy” rating and a $164.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Corcept Therapeutics has an average rating of “Moderate Buy” and an average target price of $138.17.
Check Out Our Latest Analysis on CORT
Corcept Therapeutics Profile
Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering, developing and commercializing medicines that modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol activity in metabolic, psychiatric, oncologic and other serious medical conditions.
Corcept’s principal commercial product is Korlym (mifepristone), a glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have had unsuccessful surgery.
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