Caitong International Asset Management Co. Ltd Invests $8.76 Million in Corcept Therapeutics Incorporated $CORT

Caitong International Asset Management Co. Ltd acquired a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 251,632 shares of the biotechnology company’s stock, valued at approximately $8,757,000. Corcept Therapeutics makes up approximately 2.1% of Caitong International Asset Management Co. Ltd’s investment portfolio, making the stock its 9th biggest holding.

Other large investors have also recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new stake in Corcept Therapeutics during the 4th quarter valued at $456,000. Invesco Ltd. boosted its position in Corcept Therapeutics by 11.5% during the 4th quarter. Invesco Ltd. now owns 816,996 shares of the biotechnology company’s stock worth $28,431,000 after acquiring an additional 84,413 shares during the period. FAS Wealth Partners Inc. grew its stake in shares of Corcept Therapeutics by 0.6% in the fourth quarter. FAS Wealth Partners Inc. now owns 310,018 shares of the biotechnology company’s stock worth $10,789,000 after purchasing an additional 1,700 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Corcept Therapeutics in the fourth quarter worth $2,803,000. Finally, Tang Capital Management LLC acquired a new position in shares of Corcept Therapeutics during the fourth quarter valued at $5,455,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Performance

Shares of CORT stock opened at $79.91 on Friday. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $91.00. The business’s fifty day moving average is $59.68 and its 200-day moving average is $52.34. The stock has a market cap of $8.58 billion, a PE ratio of 228.32 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The firm had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. During the same quarter last year, the company earned $0.17 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts predict that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CORT shares. Canaccord Genuity Group lifted their price objective on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Piper Sandler increased their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Wolfe Research raised shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Finally, HC Wainwright upped their price target on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Corcept Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $88.83.

Insider Buying and Selling

In other news, Director James N. Wilson sold 10,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total value of $832,000.00. Following the transaction, the director owned 1,094,543 shares of the company’s stock, valued at $91,065,977.60. The trade was a 0.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David L. Mahoney sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the completion of the sale, the director owned 26,147 shares in the company, valued at $2,210,205.91. The trade was a 43.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 301,198 shares of company stock worth $20,147,834 in the last ninety days. Insiders own 20.70% of the company’s stock.

Corcept Therapeutics Profile

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.