Clutterbuck Capital Management LLC Takes $1.39 Million Position in Corcept Therapeutics Incorporated $CORT

Clutterbuck Capital Management LLC acquired a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 40,000 shares of the biotechnology company’s stock, valued at approximately $1,392,000. Corcept Therapeutics accounts for about 1.2% of Clutterbuck Capital Management LLC’s investment portfolio, making the stock its 4th biggest holding.

Several other hedge funds and other institutional investors have also made changes to their positions in CORT. AQR Capital Management LLC boosted its stake in shares of Corcept Therapeutics by 546.9% in the third quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock valued at $125,264,000 after purchasing an additional 1,274,215 shares during the period. Geode Capital Management LLC raised its holdings in Corcept Therapeutics by 38.0% in the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock valued at $92,892,000 after acquiring an additional 734,646 shares in the last quarter. Norges Bank acquired a new stake in Corcept Therapeutics in the fourth quarter valued at approximately $24,213,000. JPMorgan Chase & Co. raised its holdings in Corcept Therapeutics by 223.4% in the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock valued at $70,632,000 after acquiring an additional 587,053 shares in the last quarter. Finally, UBS Group AG raised its holdings in Corcept Therapeutics by 413.8% in the third quarter. UBS Group AG now owns 549,938 shares of the biotechnology company’s stock valued at $45,705,000 after acquiring an additional 442,898 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CORT. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Wolfe Research raised shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. HC Wainwright raised their target price on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.83.

Insiders Place Their Bets

In other news, Director G Leonard Baker, Jr. acquired 100,000 shares of the stock in a transaction that occurred on Tuesday, March 17th. The shares were purchased at an average cost of $33.14 per share, for a total transaction of $3,314,000.00. Following the transaction, the director directly owned 1,146,631 shares in the company, valued at approximately $37,999,351.34. This represents a 9.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock in a transaction on Monday, June 1st. The shares were sold at an average price of $70.00, for a total transaction of $2,800,000.00. Following the completion of the transaction, the chief financial officer owned 15,257 shares in the company, valued at approximately $1,067,990. This trade represents a 72.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 242,965 shares of company stock worth $14,802,964. Corporate insiders own 20.70% of the company’s stock.

Corcept Therapeutics Trading Down 0.4%

CORT stock opened at $82.91 on Friday. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $91.00. The company’s 50 day moving average is $55.70 and its two-hundred day moving average is $52.26. The stock has a market cap of $8.90 billion, a P/E ratio of 236.89 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.17 EPS. On average, equities research analysts predict that Corcept Therapeutics Incorporated will post 0.62 earnings per share for the current year.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.